Atento secures $17mn in 2nd tranche funding
NEW YORK, UNITED STATES — Business process outsourcing (BPO) giant Atento has announced a drawdown of $17 million in second tranche funding.
This financial boost is part of Atento’s interim financing plans and will support the company’s comprehensive restructuring strategy.
This drawdown exceeded initial expectations, having been upsized by $7 million due to increased interest among current creditors, raising the total committed interim funding to $37 million.
The first tranche of $17 million was funded in June this year, with the company announcing it reached an agreement with key stakeholders for near-term financing, initially at $30 million.
The funding will enhance Atento‘s liquidity, facilitate future growth, and significantly deleverage its balance sheet. The company aims to achieve a net debt leverage ratio of approximately 1.0x or lower post-restructuring.
Atento continues to garner support from its financial stakeholders, with approximately 52% of the principal amount of its senior secured notes due 2026 supporting the Restructuring Support Agreement (RSA).
Recently, Atento announced it would delist from the New York Stock Exchange (NYSE) as part of its comprehensive financial restructuring plan. The NYSE initiated delisting procedures after Atento’s ordinary shares’ average market capitalization dropped below $15 million over a 30-day trading period.
Atento is one of the world’s leading providers of customer relationship management (CRM) and BPO services, with a strong presence in Latin America. The company operates in 16 countries and employs approximately 135,000 people.
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