NEW YORK, Dec. 29, 2021 /PRNewswire/ -- Atento S.A.
(NYSE: ATTO, "Atento"), one of the world's five largest providers
of customer relationship and business process outsourcing (CRM /
BPO) services and sector leader in Latin
America, announced today that it entered on December 23, 2021 a new super senior revolving
credit facility with IDB Invest, the private sector arm of the
Inter-American Development Bank.
The new credit facility will initially provide total financing
commitments of up to $43.0 million. A
further $7.0 million may be committed
if Atento exceeds a net worth test. The new credit facility has a
five-year term to December 23, 2026
and will replace Atento's existing $50
million super senior revolving credit facility, which
matures on February 10, 2022. Atento
intends to draw the new credit facility to repay the $25.0 million outstanding under the existing
revolving credit facility, and to use the remainder of the funding
for its working capital and capital expenditure needs in
Latin America.
With this financial milestone and following the refinancing of
Atento's senior secured notes in February
2021, Atento has successfully completed its refinancing
strategy to extend the maturity date of its main debt instruments
until 2026. At the same time, the new revolving credit facility
lowers Atento's cost of debt.
Under the terms of the IDB financing, Atento must work closely
with IDB to promote certain environmental and social standards,
including gender diversity commitments, and shall be subject to
certain ESG and sanctions related provisions in addition to
customary lending covenants, events of default and reporting
obligations.
José Azevedo, Atento's Chief Financial Officer, said, "As part
of our goal to deliver long-term value creation for shareholders,
we have been refinancing and de-risking Atento's capital structure.
Following the refinancing of $500
million of senior secured notes earlier this year, which
extended the average life of Atento's debt to 4.3 years from 1.5
years, our new revolving credit facility through IDB Invest further
strengthens our capital structure while providing additional
financial flexibility and reducing Atento's financing costs." Mr.
Azevedo added, "The advantageous financing was made possible by
Atento's ESG alignment with IDB Invest, as well as effective
management of our balance sheet."
About Atento
Atento is the largest provider of
customer relationship management and business process outsourcing
("CRM BPO") services in Latin
America, and among the top five providers globally. Atento
is also a leading provider of nearshoring CRM BPO services to
companies that carry out their activities in the United States. Since 1999, the company has
developed its business model in 14 countries where it employs
approximately 139,800 people. Atento has over 400 clients to whom
it offers a wide range of CRM BPO services through multiple
channels. Atento's clients are mostly leading multinational
corporations in sectors such as telecommunications, banking and
financial services, health, retail and public administrations,
among others. Atento's shares trade under the symbol ATTO on the
New York Stock Exchange (NYSE). In 2019, Atento was named one of
the World's 25 Best Multinational Workplaces and one of the Best
Multinationals to Work for in Latin
America by Great Place to Work®. Also, in 2021 Everest named
Atento as a star performer Gartner named the company as a leader in
the 2021 Gartner Magic Quadrant. For more information
visit www.atento.com
Forward-Looking Statements
This press release contains
forward-looking statements. Forward-looking statements can be
identified by the use of words such as "may," "should," "expects,"
"plans," "anticipates," "believes," "estimates," "predicts,"
"intends," "continue" or similar terminology. In particular, these
forward-looking statements include those about the refinancing of
Atento's existing super senior revolving credit facility with its
new super senior credit facility. These statements reflect only
Atento's current expectations and are not guarantees of future
performance, results or outcomes. These statements are subject to
risks and uncertainties that could cause actual results to differ
materially from those contained in the forward-looking statements.
Risks and uncertainties include, but are not limited to,
competition in Atento's highly competitive industries; increases in
the cost of voice and data services or significant interruptions in
these services; Atento's ability to keep pace with its clients'
needs for rapid technological change and systems availability; the
continued deployment and adoption of emerging technologies; the
loss, financial difficulties or bankruptcy of any key clients; the
effects of global economic trends on the businesses of Atento's
clients; the non-exclusive nature of Atento's client contracts and
the absence of revenue commitments; security and privacy breaches
of the systems Atento uses to protect personal data; the cost of
pending and future litigation; the cost of defending Atento against
intellectual property infringement claims; extensive regulation
affecting many of Atento's businesses; Atento's ability to protect
its proprietary information or technology; service interruptions to
Atento's data and operation centers; Atento's ability to retain key
personnel and attract a sufficient number of qualified employees;
increases in labor costs and turnover rates; the political,
economic and other conditions in the countries where Atento
operates; changes in foreign exchange rates; Atento's ability to
complete future acquisitions and integrate or achieve the
objectives of its recent and future acquisitions; future
impairments of our substantial goodwill, intangible assets, or
other long-lived assets; Atento's ability to recover consumer
receivables on behalf of its clients; and the on-going COVID-19
pandemic. Atento is also subject to other risk factors described in
documents filed by Atento with the United States Securities and
Exchange Commission. These forward-looking statements speak only as
of the date on which the statements were made. Atento undertakes no
obligation to update or revise publicly any forward-looking
statements, whether as a result of new information, future events
or otherwise.
Media inquiries
press@atento.com
Investor relations inquiries
Ivan Peill
InspIR Group
ivan@inspirgroup.com
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SOURCE Atento S.A.