ExlService announces $150M strategic investment from The Orogen Group
EXL announced that on October 1, 2018 EXL entered into an Investment Agreement under which The Orogen Group will, on or about October 4, 2018 and subject to the completion of customary closing conditions, purchase from EXL 3.50% Convertible Senior Notes, due 2024 in an aggregate principal amount of $150M. Following the expected closing of the investment, Vikram Pandit will be appointed to EXL's Board of Directors. Under the terms of the investment, Orogen agreed to purchase $150 million in aggregate principal amount of the Convertible Notes, which are initially convertible at a conversion rate of 13.3333 shares of EXL common stock per $1,000 principal amount of Convertible Notes, subject to adjustment under the terms of the Convertible Notes. The Convertible Notes pay 3.50% interest per annum, payable semi-annually. The Convertible Notes mature on October 1, 2024. The transaction is anticipated to close within the week, subject to the fulfillment of certain closing conditions, including settlement of the underlying securities.