ENGLEWOOD, Colo., Oct 07, 2010 (BUSINESS WIRE) --
TeleTech Holdings, Inc. (NASDAQ: TTEC), one of the largest global
providers of technology-enabled business process outsourcing ("BPO"),
revenue generation and on-demand solutions, today announced it has
secured a five-year, $350 million revolving credit facility with
expanded foreign borrower and multi-currency flexibility.
The $350 million facility represents a $125 million increase from the
Company's previous $225 million facility and includes a $150 million
accordion provision, providing TeleTech with an option to increase the
size to $500 million. The new facility will be used to fund working
capital, growth initiatives and other strategic pursuits.
"In light of tightened credit markets, the size, flexibility and length
of our new credit facility reflects the strength of our cash flows and
balance sheet with $126 million in net cash at June 30th, along with the
overwhelming support of our corporate bank group," said Kenneth Tuchman,
chairman and chief executive officer of TeleTech. "Although our previous
credit facility was not set to mature until September 2011, we chose to
take advantage of the attractive market conditions to secure more
flexible, longer term access to capital to support TeleTech's growth
initiatives."
KeyBank N.A. (NYSE:KEY) is the lead bank on the new credit facility with
participation from eight other prestigious banks including Wells Fargo
Bank, Bank of America Merrill Lynch, JPMorgan Chase Bank, BBVA Compass
Bank, HSBC Bank USA, Citi, Bank of the West and The Northern Trust
Company. The facility will mature on September 30, 2015.
ABOUT TELETECH
TeleTech is one of the largest and most geographically diverse global
providers of technology-enabled business process outsourcing solutions.
TeleTech and its subsidiaries have a 28-year history of designing,
implementing, and managing critical business processes for Global 1000
companies to help them improve their customers' experience, expand their
strategic capabilities, and increase their operating efficiencies. By
delivering a high-quality customer experience through the effective
integration of customer-facing front-office processes with internal
back-office processes, we enable our clients to better serve, grow, and
retain their customer base. We use Six Sigma-based quality methods
continually to design, implement, and enhance the business processes we
deliver to our clients and we also apply this methodology to our own
internal operations. TeleTech and its subsidiaries have developed deep
domain expertise and support more than 275 business process outsourcing
programs serving approximately 85 global clients in the automotive,
communications and media, financial services, government, healthcare,
retail, technology and travel and leisure industries. Our integrated
global solutions are provided by more than 40,400 employees utilizing
34,700 workstations across 67 delivery centers in 16 countries. For
additional information, visit www.teletech.com.
FORWARD-LOOKING STATEMENTS
Statements in this press release that relate to future results and
events (including statements about future financial and operating
performance) are forward-looking statements based on TeleTech's current
expectations. Actual results and events in future periods could differ
materially from those projected in these forward-looking statements
because of a number of risks and uncertainties including: achieving
estimated revenue from new, renewed and expanded client business as
volumes may not materialize as forecasted, especially due to the global
economic slowdown; achieving profit improvement in our International BPO
operations; the ability to close and ramp new business opportunities
that are currently being pursued or that are in the final stages with
existing and/or potential clients; our ability to execute our growth
plans, including sales of new products; the possibility of lower revenue
or price pressure from our clients experiencing a business downturn or
merger in their business; greater than anticipated competition in the
BPO services market, causing adverse pricing and more stringent
contractual terms; risks associated with losing or not renewing client
relationships, particularly large client agreements, or early
termination of a client agreement; the risk of losing clients due to
consolidation in the industries we serve; consumers' concerns or adverse
publicity regarding our clients' products; our ability to find cost
effective locations, obtain favorable lease terms and build or retrofit
facilities in a timely and economic manner; risks associated with
business interruption due to weather, fires, pandemic, or
terrorist-related events; risks associated with attracting and retaining
cost-effective labor at our delivery centers; the possibility of asset
impairments and restructuring charges; risks associated with changes in
foreign currency exchange rates; economic or political changes affecting
the countries in which we operate; changes in accounting policies and
practices promulgated by standard setting bodies; and new legislation or
government regulation that adversely impacts our tax obligations, health
care costs or the BPO and customer management industry. A detailed
discussion of these and other risk factors that could affect our results
is included in TeleTech's SEC filings, including our Annual Report on
Form 10-K for the year ended December 31, 2009. The Company's filings
with the Securities and Exchange Commission are available in the
"Investors" section of TeleTech's website, which is located at www.teletech.com.
All information in this release is as of October 7, 2010. The Company
undertakes no duty to update any forward-looking statement to conform
the statement to actual results or changes in the Company's expectations.
SOURCE: TeleTech Holdings, Inc.
TeleTech Holdings, Inc.
Investor Contact:
Karen Breen, 303-397-8592
