UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
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FORM
CURRENT REPORT
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Item 1.01 Entry into a Material Definitive Agreement.
On March 25, 2021, TTEC Holdings, Inc. (“TTEC”) entered into a fifth amendment (the “Fifth Amendment”) to its $900 million revolving line of credit (as amended, the “Credit Facility”) to increase the total commitments by $300 million to $1.2 billion by exercising the accordion feature. The $300 million increase is in the form of a term loan, which can be prepaid anytime and will become due on February 14, 2024, contemporaneously with the expiration of the revolving line of credit. The Credit Facility as amended provides TTEC with increased financial capacity and flexibility to support growth-oriented investments, strategic acquisitions, and discretionary capital distributions.
The above description is only a summary of the Fifth Amendment and is qualified in its entirety by the copy of the Fifth Amendment which will be filed with the Company’s quarterly report on Form 10Q for the period ending March 31, 2021.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information set forth in Item 1.01 above is incorporated by reference into this Item 2.03.
Item 7.01 Regulation FD Disclosure.
On March 29, 2021, TTEC issued a press release announcing the increase in the Credit Facility. A copy of the press release is attached as Exhibit 99.1 to this current report on Form 8-K.
The information in this Item 7.01, including Exhibit 99.1 attached hereto, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in any such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
| Exhibit No. | Description | |
| 99.1 | Press release announcing TTEC Increases its Credit Facility to $1.2 Billion. | |
| 104 | Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101). |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Dated: March 29, 2021 | TTEC Holdings, Inc. (Registrant) | |
| By: | /s/ Regina M. Paolillo | |
| Name: | Regina M. Paolillo | |
| Title: | Chief Financial Officer | |
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Exhibit 99.1
TTEC Increases its Credit Facility to $1.2 Billion
DENVER, March 29, 2021 – TTEC Holdings, Inc. (NASDAQ: TTEC), one of the largest, global CX (customer experience) technology and services innovators for end-to-end digital CX solutions, announced today that it has amended its credit facility by exercising its accordion feature to increase the total commitments by $300 million to $1.2 billion.
The credit facility will provide TTEC with increased financial capacity and flexibility to support growth-oriented investments, strategic acquisitions, and discretionary capital distributions. The $300 million increase in the credit facility is in the form of a term loan, which will become due on February 14, 2024, contemporaneously with the expiration of the $900 million revolving line of credit.
"We are pleased with the outcome of our credit facility upsizing initiative," commented Paul Miller, senior vice president and treasurer of TTEC. "We achieved our objective to increase the commitment amount while maintaining favorable terms and conditions. TTEC’s executive leadership highly values the strong partnership with our relationship banks and their continuing support of our business and strategy."
Incremental commitments were provided by a syndicate of banks arranged by Wells Fargo, N.A., including Bank of America N.A., U.S. Bank N.A., PNC Bank, N.A., Bank of the West, and Northern Trust, N.A.
ABOUT TTEC
TTEC Holdings, Inc. (NASDAQ: TTEC) is one of the largest, global CX (customer experience) technology and services innovators for end-to-end, digital CX solutions. The Company delivers leading CX technology and operational CX orchestration at scale through its proprietary cloud-based CXaaS (Customer Experience as a Service) platform. Serving iconic and disruptive brands, TTEC's outcome-based solutions span the entire enterprise, touch every virtual interaction channel, and improve each step of the customer journey. Leveraging next gen digital and cognitive technology, the Company’s Digital business designs, builds, and operates omnichannel contact center technology, conversational messaging, CRM, automation (AI / ML and RPA), and analytics solutions. The Company’s Engage business delivers digital customer engagement, customer acquisition & growth, content moderation, fraud prevention, and data annotation solutions. Founded in 1982, the Company’s singular obsession with CX excellence has earned it leading client NPS scores across the globe. The company's nearly 61,000 employees operate on six continents and bring technology and humanity together to deliver happy customers and differentiated business results. To learn more visit us at https://www.ttec.com
Investor Relations Contact Paul Miller +1.303.397.8641 |
Public Relations Contact Nick Cerise +1.303.397.8331 |
Address 9197 South Peoria Street Englewood, CO 80112 |
Contact ttec.com +1.800.835.3832 |