Exela Technologies Closes Revolving Loan Exchange and Early Repayment; Removes last remaining senior debt maturity in 2022

Exela Technologies, Inc.

Further progress was made on previously announced balance sheet strengthening and strategic initiatives

IRVING, Texas, March 29, 2022 (GLOBE NEWSWIRE) — Exela Technologies, Inc. (“Exela” or the “Company”) (NASDAQ: XELA), today announced that certain of its subsidiaries have entered into an agreement to revolving loan and prepayment exchange with financial institutions acting as revolving lenders under its senior credit agreement dated July 12, 2017. All amounts outstanding under the revolving facility have been prepaid with $50 million in cash and the remainder exchanged for $50 million of 11,500% First-Priority Senior Secured Notes due 2026. Therefore, there are no further senior debt maturities rank in 2022.

The Revolver closing is one of the final steps in the balance sheet strengthening initiative announced on September 30, 2021.

Here are some highlights of the initiative’s progress:

Stocktaking initiatives

  • On September 30, 2021, Exela announced plans to deploy over $400 million in capital to significantly reduce debt

  • Closing of the offer to exchange 2023 Senior Secured Notes and Term Loans for 2026 Senior Secured Notes on December 9, 2021

  • Lists a 6% convertible preferred stock on Nasdaq (NASDAQ: XELAP) on March 22, 2022

  • Early repayment of the revolving loan maturing in July 2022

Strategic initiatives

  • Settled the valuation action on December 31, 2021, with $40 million paid by March 16, 2022

  • Purchased existing Irish headquarters on 8 February 2022

  • Acquisition of Corduro®, a payment-as-a-service platform, on March 14, 2022

  • Investment in leadership talent: President of Healthcare Solutions announced on March 16, 2022, as well as senior executive hires in public sector, M&A services, data science consulting and SME management in recent months

  • Invested in UBERDOC, a leading company in patient access and price transparency, on March 25, 2022

As of March 15, 2022, the Company had deployed $601 million, including cash and new borrowings, to achieve the initiatives described above.

“Our plans can now expand to allow us to refinance both our long-term debt and our securitization facilities at more attractive rates while continuing to invest in the growth of our business. We look forward to sharing news of our actions as they are completed in the near future,” said Par Chadha, Executive Chairman of Exela.

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About Exela Technologies
Exela Technologies is a leader in business process automation (BPA), leveraging a global footprint and proprietary technology to deliver digital transformation solutions that improve quality, productivity and user experience final. With decades of experience operating mission-critical processes, Exela serves a growing list of more than 4,000 customers in 50 countries, including more than 60% of the Fortune® 100. Using core technologies spanning information management , workflow automation and integrated communications, Exela’s software and services include multi-industry and departmental solution suites addressing finance and accounting, human capital management and legal management, as well as industry-specific solutions for banking, healthcare, insurance and the public sector. With cloud-enabled platforms, built on a configurable stack of automation modules, and more than 17,000 employees operating in 23 countries, Exela is rapidly deploying integrated technology and operations as an end-to-end digital travel partner. end.

Forward-looking statements
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 are generally accompanied by words such as ” may”, “should”, “would”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict”, “potential”, “seem”, “seek”, “continue”, “future”, “will”, “expect”, “prospect” or other similar words, phrases or expressions. These forward-looking statements include statements about our industry, future events, estimated or expected 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’s management and do not constitute forecasts of actual performance. These statements are subject to a number of risks and uncertainties, including, without limitation, those discussed under “Risk Factors” in Exela’s Annual Report and other securities filings. movables. In addition, forward-looking statements provide Exela’s expectations, plans or forecasts regarding future events and views as of the date of such communication. Exela anticipates that subsequent events and developments will cause Exela’s ratings 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.

Investor and/or media contacts:
Vincent Kondaveeti
E: [email protected]

Mary Beth Benjamin
E: [email protected]

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