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Atento Announces Signing of New Super Senior Revolving Credit Facility

The IDB Invest credit facility to provide $43 million in financing, which may be raised to $50 million

Atento S.A., one of the world’s five largest providers of customer relationship and business process outsourcing (CRM / BPO) services and sector leader in Latin America, announced today that it entered on December 23, 2021 a new super senior revolving credit facility with IDB Invest, the private sector arm of the Inter-American Development Bank.

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The new credit facility will initially provide total financing commitments of up to $43.0 million. A further $7.0 million may be committed if Atento exceeds a net worth test. The new credit facility has a five-year term to December 23, 2026 and will replace Atento’s existing $50 million super senior revolving credit facility, which matures on February 10, 2022. Atento intends to draw the new credit facility to repay the $25.0 million outstanding under the existing revolving credit facility, and to use the remainder of the funding for its working capital and capital expenditure needs in Latin America.

With this financial milestone and following the refinancing of Atento’s senior secured notes in February 2021, Atento has successfully completed its refinancing strategy to extend the maturity date of its main debt instruments until 2026. At the same time, the new revolving credit facility lowers Atento’s cost of debt.

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Under the terms of the IDB financing, Atento must work closely with IDB to promote certain environmental and social standards, including gender diversity commitments, and shall be subject to certain ESG and sanctions related provisions in addition to customary lending covenants, events of default and reporting obligations.

José Azevedo, Atento’s Chief Financial Officer, said, “As part of our goal to deliver long-term value creation for shareholders, we have been refinancing and de-risking Atento’s capital structure. Following the refinancing of $500 million of senior secured notes earlier this year, which extended the average life of Atento’s debt to 4.3 years from 1.5 years, our new revolving credit facility through IDB Invest further strengthens our capital structure while providing additional financial flexibility and reducing Atento’s financing costs.” Mr. Azevedo added, “The advantageous financing was made possible by Atento’s ESG alignment with IDB Invest, as well as effective management of our balance sheet.”

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