iGATE signs another "Credit Agreement"
VARINDIA- INDIA'S FRONTLINE IT MAGAZINE iGATE Corporation has entered into a credit agreement for a secured term loan facility with DBS Bank Ltd and ING Bank N.V., Singapore as security agent for pan-Asia iGATE Solutions on November 22, 2013. The Company, along with several of its subsidiaries, has entered into a guaranty with the Security Agent, under which the Company has guaranteed all of the obligations of pan-Asia under the Credit Facility. The Credit Facility has two components iFacility A and Facility B . Facility A has a commitment amount of $270.0 million and an interest rate of LIBOR+3.25% and Facility B has a commitment amount of $90.0 million and an interest rate of LIBOR+2.00%. Facility A will mature 60 months from utilization date, while Facility B will mature 9 months from utilization date. The Credit Facility contains customary representations and warranties, events of default and affirmative, negative covenants and fin...