Concentrix intends to offer senior notes in three tranches

By Mary-Katherine Stinson

Lexington, Ky., July 19 – Concentrix Corp. plans a three-part offering of senior notes (Baa3/BBB/BBB), according to a 424B3 filing with the Securities and Exchange Commission.

The notes feature a make-whole call, followed by a par call.

A change-of-control triggering event will cause the notes to be putable at 101.

J.P. Morgan Securities LLC and BofA Securities, Inc. are the bookrunners.

U.S. Bank Trust Co., NA is the trustee.

Pillsbury Winthrop Shaw Pittman LLP will act as legal counsel for Concentrix. The underwriters will be advised by Cravath, Swaine & Moore LLP.

This offering is part of the financing for Concentrix’s proposed acquisition of all of the issued and outstanding capital stock of Marnix Lux SA.

The offering is not conditioned upon the completion of the acquisition, but there is a special mandatory redemption at 101 plus interest if the acquisition does not close before Dec. 29, 2024 or a later extended date, if Concentrix notifies the trustee that the acquisition will not proceed or if the share purchase and contribution agreement is terminated without the consummation of the acquisition.

Proceeds from the note sale, together with delayed-draw term loans and cash on hand (or borrowings under the acquisition tranche of the bridge facility if needed), will be used to pay the closing cash payment for the acquisition, to repay or refinance €1.55 billion in existing debt of Webhelp Parent and subsidiaries and to pay related fees and expenses in connection with the acquisition. The remaining proceeds, if any, will be used for general corporate purposes.

Concentrix is a provider of customer experience solutions and technology with headquarters in Newark, Calif.

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