ExlService Holdings, Inc. filed a Form 8-K with the SEC on August 18, 2026, disclosing the entry into a new Revolving Credit and Term Loan Credit Agreement totaling $1 billion in combined facilities, and the simultaneous termination of its prior Citibank credit agreement.

Key Highlights

  • $600 million revolving credit facility established, including a $50 million swingline loan subfacility and a $20 million letter of credit subfacility.
  • $400 million term loan facility established, maturing August 18, 2031, with quarterly amortization beginning September 30, 2026.
  • PNC Bank, National Association serves as administrative agent, swingline loan lender, and issuing bank under the new Credit Agreement.
  • Prior Citibank Credit Agreement terminated on the same date; the company repaid approximately $532,678,050 in outstanding principal obligations using proceeds from the new facilities.
  • No early termination penalties or prepayment fees were paid in connection with the termination of the Citibank Credit Agreement, according to the filing.
  • Financial covenants require a minimum Interest Coverage Ratio of not less than 3.00 to 1.00 and a maximum Total Net Leverage Ratio of not greater than 3.50 to 1.00.
  • Incremental facility permits additional commitments up to the greater of $470,000,000 or 100% of the company's EBITDA, subject to certain conditions.

ExlService Holdings Refinances Debt with New $1 Billion PNC-Led Credit Facility

According to the Form 8-K filed by ExlService Holdings, Inc. (NASDAQ:EXLS) on August 18, 2026, the company entered into a Revolving Credit and Term Loan Credit Agreement with PNC Bank, National Association as administrative agent. Joint lead arrangers and joint bookrunners include PNC Capital Markets LLC, Bank of America, N.A., JPMorgan Chase Bank, N.A., and TD Bank, N.A. Santander Bank, N.A. and Wells Fargo Bank, N.A. served as co-documentation agents, the filing states.

The Credit Agreement, as described in the filing, provides for a $600,000,000 revolving credit facility and a $400,000,000 term loan facility, both maturing on August 18, 2031. The Term Loan Facility amortizes in quarterly installments of $2,500,000 per quarter from September 30, 2026 through June 30, 2028, and $5,000,000 per quarter from September 30, 2028 through June 30, 2031, with the remaining balance due at maturity. Borrowings bear interest, at the company's option, at Term SOFR, Daily Simple SOFR, or the Alternate Base Rate, each plus an applicable margin determined by the company's Total Net Leverage Ratio. The commitment fee on the unused revolving portion ranges from 0.125% to 0.25% per annum, the filing discloses.

The filing states that obligations under the Credit Agreement are guaranteed by the company's wholly-owned material domestic subsidiaries and secured by liens on substantially all assets of the company and the guarantors, plus pledges of equity interests in certain subsidiaries. The proceeds were used in part to repay all outstanding obligations under the terminated Citibank Credit Agreement, which had provided a $500,000,000 revolving credit facility and a $100,000,000 term loan facility. Going forward, the filing indicates proceeds will be used for working capital, general corporate purposes, permitted acquisitions, and share buybacks.

What Was Disclosed

ExlService Holdings disclosed the entry into a new $1 billion credit agreement on August 18, 2026, the termination of its prior Citibank credit agreement following repayment of approximately $532,678,050 in outstanding principal, and the creation of a direct financial obligation under the new facilities.