Exela Technologies Amends $115 Million B. Riley Debt Facility to include a Revolving Credit Facility

Rhea-AI Summary

Exela Technologies, Inc. (NASDAQ: XELA) has announced an amendment to its debt facility with B. Riley Commercial Capital, LLC. This amendment allows for automatic maturity extensions on a revolving credit facility and provides up to $50 million in additional liquidity. As of March 31, 2022, the company reported about $62 million in liquidity and a current balance of approximately $92 million on the B. Riley facility. Additionally, Exela has successfully completed its At Market Issuance, raising a total of $250 million since September 30, 2021.

Positive

• Amended debt facility reduces 2023 debt maturities.
• Increased liquidity with a potential additional $50 million.
• Successfully completed $250 million At Market Issuance since September 30, 2021.

Negative

• None.

• Revolver to add up to $50 million in additional liquidity in 2022 to supplement ~$62 million in liquidity as of March 31, 2022
• ATM complete with $250 million raised since September 30, 2021

IRVING, Texas, April 01, 2022 (GLOBE NEWSWIRE) -- Exela Technologies, Inc. (“Exela”, “Company”) (NASDAQ: XELA), a global business process automation leader, announced that it has amended its previously reported debt facility from B. Riley Commercial Capital, LLC (“B. Riley”) to include automatic maturity extensions for a revolving credit facility. This amendment substantially reduces the Company’s 2023 debt maturities, with the B. Riley facility having a current balance of approximately $92 million, and provides for additional liquidity of up to $50 million, increasing flexibility of the Company’s capital structure.

Prior to the new B. Riley revolver, as of March 31, 2022 the Company had approximately $62 million in liquidity.

Exela has completed its At Market Issuance (“ATM”) announced in the September 30, 2021 Prospectus Supplement, raising a total of $250 million.

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About Exela Technologies

Exela Technologies is a business process automation (BPA) leader, leveraging a global footprint and proprietary technology to provide digital transformation solutions enhancing quality, productivity, and end-user experience. With decades of experience operating mission-critical processes, Exela serves a growing roster of more than 4,000 customers throughout 50 countries, including 60% of the Fortune® 100. Utilizing foundational technologies spanning information management, workflow automation, and integrated communications, Exela’s software and services include multi-industry, 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. Through cloud-enabled platforms, built on a configurable stack of automation modules, and over 17,000 employees operating in 23 countries, Exela rapidly deploys integrated technology and operations as an end-to-end digital journey partner.

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 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.

Investor and/or Media Contacts:

Vincent Kondaveeti
E: vincent.kondaveeti@exelatech.com

Mary Beth Benjamin

E: IR@exelatech.com

FAQ

What is Exela Technologies' liquidity as of March 31, 2022?

Exela Technologies reported approximately $62 million in liquidity as of March 31, 2022.

How much additional liquidity is Exela Technologies securing?

Exela Technologies is securing up to $50 million in additional liquidity through its amended debt facility.

What is the current balance of Exela's debt facility with B. Riley?

The current balance of Exela's debt facility with B. Riley is approximately $92 million.

How much money has Exela raised through its At Market Issuance since September 30, 2021?

Exela has raised a total of $250 million through its At Market Issuance since September 30, 2021.