WARREN, Mich., March 2, 2012 — MSX International (MSXI) today announced that it completed a refinancing of its existing $205 million senior secured notes. MSXI chief executive officer Fred Minturn made the announcement.
To effect the refinancing, MSXI raised a combination of debt and equity from institutional capital providers through a transaction that materially strengthened the company’s balance sheet by reducing leverage and cash interest expense. The providers include Prudential Capital Partners, Falcon Investment Advisors, investment funds managed by Goldman Sachs Asset Management, L.P., JPMorgan Chase Bank, N.A., Citizens Bank of Flint, KKR Asset Management and Cerberus Business Finance. The new capital structure will support the company’s strategic growth and expansion plans.
“Securing this funding clearly demonstrates the market’s support for our long-term business plan,” said Minturn. “These financial resources will support our continued growth and enhance our ability to serve our customers globally.”
Representatives from Falcon Investment Advisors and Prudential Capital Partners will join the existing majority shareholders on the Board of Directors.
MSXI is a global consulting firm operating two strategic business units – Human Capital Solutions (HCS) and Retail Network Solutions (RNS). HCS is recognized as the leading innovative Managed Service Provider (MSP) for contract labor, offering customers unequalled cost savings, efficiency and productivity through its proprietary STARS (Staffing, Transparency, Analytics & Reporting System) methodology for continuous improvement. RNS provides original equipment manufacturers (OEMs) with solutions for their dealer networks that enhance the customer experience, improve technical expertise, reduce warranty costs and increase overall dealership profitability.
Sagent Advisors acted as exclusive financial advisor and placement agent to MSXI with respect to the refinancing. Sagent Advisors is an independent, privately-owned investment bank that provides financial advisory and capital raising solutions to clients in connection with mergers, acquisitions, restructurings and other strategic financial transactions.
J.P. Morgan Securities LLC arranged and syndicated the senior revolving credit facility and term loan A. KKR Asset Management and Cerberus Business Finance arranged and committed to the term loan B.
About MSX International
Headquartered in Warren, Mich., and with decades of experience and over 4,500 industry experts in 48 countries, MSX International serves as a perpetual pioneer, opening new roads in the retail network and human capital solutions spaces. Leveraging its expertise in the passionate pursuit of outstanding results, MSXI is adept at bringing innovative resolution to both its customers’ opportunities and their complex challenges. For more information, please visit www.msxi.com.