Exela Technologies Announces Plans to Deploy over $400 Million of Capital to Execute the Next Strategic Step: Significantly Reduce Debt
- To date,
Exelahas Purchased $95 Millionin Debt, Increasing Cash Flow by $11 Million Exelais on Track to Improve Annual Cash Flow by $25 Million
$100 Millionin Debt Reduction Improves Cash Flow by $10-13 Million
In addition to liquidity of
Exela’s weighted average interest rate for the outstanding debt was 9.6% for FY 2020. The total debt related payments (including cash interest paid and amortizations) were
Par Chadha, Exela’s Executive Chairman, noted, “While we have made significant strides, we believe that the execution of this next step positions us well to continue expanding shareholder value. I am not pleased with the speed of our capital deployment strategy and hope to prudently accelerate it. We are thankful to our large, growing, and global shareholder base, our employees and customers to become a global powerhouse with leading brand recognition in the industries we serve.”
Note: Liquidity as defined per the third amendment of the credit agreement effective
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About Exela Technologies
Certain statements included in this press release are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as "may", "should", "would", "plan", "intend", "anticipate", "believe", "estimate", "predict", "potential", "seem", "seek", "continue", "future", "will", "expect", "outlook" or other similar words, phrases or expressions. These forward-looking statements include statements regarding our industry, future events, estimated or anticipated future results and benefits, future opportunities for Exela, and other statements that are not historical facts. These statements are based on the current expectations of Exela management and are not predictions of actual performance. These statements are subject to a number of risks and uncertainties, including without limitation those discussed under the heading "Risk Factors" in Exela's Annual Report and other securities filings. In addition, forward-looking statements provide Exela's expectations, plans or forecasts of future events and views as of the date of this communication. Exela anticipates that subsequent events and developments will cause Exela's assessments to change. These forward-looking statements should not be relied upon as representing Exela's assessments as of any date subsequent to the date of this press release.
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Source: Exela Technologies, Inc.