TransPerfect, a New York-based provider of language and technology solutions for global business, refinanced its existing credit facility.

A new $450 million credit facility (consisting of a $400m term loan and a $50m revolving credit line) will replace and terminate a previous $445m credit facility used during the consolidation of the company’s ownership in 2018.

The new facility, provided through a banking syndicate arranged by Bank of America, N.A., JPMorgan Chase Bank, N.A., and Citibank, N.A., with Bank of America acting as the sole administrative agent, matures on June 7, 2024, and bears an initial annual interest rate of LIBOR plus 3.00%.

The refinancing will enhance cash flow for operations and further bolster the company’s growth.

Led by President and CEO Phil Shawe, TransPerfect provides language and technology solutions for global business. From offices in over 90 cities on six continents, the company offers a full range of services in 170+ languages to clients worldwide. More than 5,000 global organizations employ its GlobalLink® Product Suite.

TransPerfect, fully ISO 9001 and ISO 17100 certified, has regional headquarters in London and Hong Kong.