iGATE inks credit pact for $360 mn loan facility

IT services major iGATE today said it has entered into a credit agreement for a secured term loan facility of USD 360 million with DBS Bank and ING Bank. The agreement will help the US-based company save about USD 105 million worth of interest over a period of five years.

"This will help us lower our financial leverage and create shareholder value by refinancing the indebtedness. We expect this will result in significant interest savings in the years to come," iGate President and Chief Executive Officer Ashok Vemuri told reporters over a video conference.

Also read: iGate bags multi-year deal from UBS

Under the credit facility, the first commitment amount is of USD 270 million at an interest rate of about 3.5 percent with a maturity period of 60 months.

Under the second tranche, a commitment of USD 90 million at an interest rate of 2.25 percent has been made with a maturity period of nine months.

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