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SITEL Corporation Completes $145 Million Refinancing

SITEL Corporation Completes $145 Million Refinancing

SITEL Corporation, a global provider of outsourced customer support services, announced that it has completed a $145 million refinancing package. The refinancing consists of a senior revolving credit facility of $90 million and two term loans totaling $55 million.

Proceeds from the new financing will be used to retire the Company’s 9 1/4% senior subordinated notes, due March 2006, replace the existing credit facility due December 2005, and provide funds for working capital and other general corporate purposes. The senior subordinated notes will be redeemed in September 2005 at the face value of $83.8 million, plus interest.

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The interest rates on the three five-year secured loans are variable based on prime rate or LIBOR, at the Company’s option, plus an applicable margin depending on the type of loan. Based on current interest rates and the anticipated mix of loans, the Company expects annualized interest expense to improve slightly as compared to the interest expense on the existing notes and revolver. The refinancing will result in an estimated non-cash charge in the third quarter of 2005 of approximately $0.4 million to write-off remaining debt issuance costs.

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