iGATE (IGTE) Unit Amends, Restates Credit Facility
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On April 3, 2012, Pan-Asia iGATE Solutions, a wholly owned subsidiary of iGATE Corporation (Nasdaq: IGTE), entered into an amended and restated credit agreement for a secured term loan facility with the lenders named therein and DBS Bank Ltd., Singapore, as administrative agent.
The Credit Facility amends and restates the credit agreement, dated as of March 8, 2012, among Pan-Asia, the lenders named therein and the Administrative Agent. The guaranty entered into by the Company and several of its wholly owned subsidiaries, under which the Company guaranteed all of the obligations of Pan-Asia under the Original Credit Facility, continues and now serves to guarantee Pan-Asia’s obligations under the Credit Facility.
The Credit Facility has a commitment amount of $265.0 million and will mature on June 8, 2014. The Credit Facility contains customary representations and warranties, events of default and affirmative and negative covenants, and does not contain any financial covenants.
After the Closing Date, the Credit Facility will be available to finance Pan-Asia’s purchase of the remaining publicly traded equity shares of Patni Computer Systems Limited, a majority-owned subsidiary of the Company.
The Credit Facility amends and restates the credit agreement, dated as of March 8, 2012, among Pan-Asia, the lenders named therein and the Administrative Agent. The guaranty entered into by the Company and several of its wholly owned subsidiaries, under which the Company guaranteed all of the obligations of Pan-Asia under the Original Credit Facility, continues and now serves to guarantee Pan-Asia’s obligations under the Credit Facility.
The Credit Facility has a commitment amount of $265.0 million and will mature on June 8, 2014. The Credit Facility contains customary representations and warranties, events of default and affirmative and negative covenants, and does not contain any financial covenants.
After the Closing Date, the Credit Facility will be available to finance Pan-Asia’s purchase of the remaining publicly traded equity shares of Patni Computer Systems Limited, a majority-owned subsidiary of the Company.
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