Exela Technologies extends maturity of $115M term loan

Exela Technologies Inc. announced that GP 2XCV LLC, an indirect wholly owned subsidiary of the company, has entered into an amendment to the credit agreement for its $115 million term loan to extend the maturity of the facility to March 31, 2023, from its current maturity of May 17, 2022, according to a company filing.

GP 2XCV LLC is a special purpose vehicle the company established in November 2021 to buy back outstanding debt. The SPV was funded with the originally $75 million term loan from B. Riley Commercial Capital LLC and up to $30 million in equity contributed from Exela. On Dec. 8, 2021, the borrowing capacity under the facility was increased by $40 million.

The loan carries a 10% annual coupon payable quarterly and is secured by a first-priority lien on substantially all of the SPV's assets.

Exela Technologies provides global business process automation products and services. Current corporate ratings are CCC-/Caa3, with a negative outlook from both S&P Global Ratings and Moody's.