ExlService Holdings Inc. has completed the sale of $150 million in aggregate principal amount of 3.50% senior convertible notes due Oct. 1, 2024, pursuant to an agreement with The Orogen Group.

The interest on the notes is payable semiannually on April 1 and Oct. 1 of each year, with the first payment to be made April 1, 2019.

Orogen's board chairman and CEO, Vikram Pandit, was appointed to ExlService's board taking the total number of company's directors to 10 from nine.

The Orogen Group's right to nominate a director will terminate if the company and its affiliates beneficially own less than 50% of ExlService's common shares, considered beneficially owned by the Orogen Group and its affiliates immediately after the notes are issued.

The transaction closed Oct. 4.