WNS announces voluntary debt prepayment: BPO Watch India

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WNS announces voluntary debt prepayment

By BPOwatch India News Desk
April 03, 2009

WNS announces voluntary debt prepayment

Global BPO outsourcing firm WNS Limited has announced that it intends to make a voluntary prepayment of $5 million on its existing $200 million term loan facility in early April 2009 as permitted under the terms of the loan agreement.

The loan, which matures in January 2013, was used to finance the July 2008 acquisition of Aviva Global Services, the captive BPO business of Aviva, one of the world's largest insurance groups.

WNS will also make a scheduled $20 million payment on the facility in July 2009, pursuant to the terms of the loan agreement.

"Our ability to make a meaningful prepayment on this facility using our available cash is indicative of the cash flows generated by our business, our strong balance sheet and the overall financial health of WNS, as well as the successful integration of Aviva Global Services into the rest of our company," said Alok Misra, WNS's Group CFO.

The company had $36 million in cash as of December 31, 2008, and a cash balance close to $50 million as of the end of March 2009.

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