Concentrix Enters New $2.6 Billion Credit Agreement and Updates Securitization Facility
NEWARK, Calif., April 11, 2025 – Concentrix Corporation (Nasdaq: CNXC) announced that it has entered into a comprehensive Amendment and Restatement Agreement with its lenders, implementing a new multi-facility unsecured credit agreement totaling up to $2.6 billion. Bank of America, N.A. has been appointed as the new administrative agent under the amended arrangement, replacing JPMorgan Chase Bank, N.A.

The new structure includes:

A $750 million unsecured three-year term loan,

A $250 million unsecured three-year delayed draw term loan,

A $500 million unsecured five-year delayed draw term loan,

A $1.1 billion revolving credit facility,

And continuation of a prior $750 million term loan under revised terms.

The facilities are designed to support the company’s ongoing financing needs, including repayment of existing obligations, the upcoming maturity of a €700 million promissory note from its Webhelp acquisition, and general corporate purposes.

The delayed draw facilities must be utilized by September 30, 2025, and are subject to standard funding conditions. The revolving facility’s maturity can be extended twice, each by one year, upon lender agreement.

Borrowings under the new agreement are subject to floating rates based on SOFR or base rate benchmarks, with margins determined by Concentrix’s credit ratings. The agreement includes financial covenants that cap leverage at 3.75x EBITDA (temporarily 4.25x post-acquisition) and require interest coverage of at least 3.0x.

Concentrix Corporation filed a Form 8-K to report updates regarding its accounts receivable securitization facility.

Under Item 1.01, the company disclosed that on January 14, 2025, it entered into an amendment to its accounts receivable securitization facility. Key changes include an increase in the commitment of lenders to provide borrowings from up to $600 million to up to $700 million and an extension of the facility’s termination date from April 24, 2026, to January 14, 2027. This agreement involves Concentrix Receivables, Inc., a subsidiary of the company, as borrower, PNC Bank as administrative agent, and other group agents and lenders.

Under Item 2.03, the company referenced the financial obligation created under the amendment to the securitization facility, as detailed in Item 1.01.

The filing includes the Fourth Amendment to the Receivables Financing Agreement as Exhibit 10.1, which provides further specifics of the agreement.