TeleTech Completes Debt Reduction

Share this article:
TeleTech Holdings has completed a debt reduction plan, paying off $75 million in senior notes and reducing annual interest expenses by $5 million, the company said.


TeleTech, Denver, will take an $8 million charge in the second quarter from the completion of the debt reduction, of which $6 million will be related to a cash "make-whole" payment on the senior notes and the rest to writing off debt insurance costs. TeleTech originally estimated it would take a $9 million charge. The charge was lower because of recent increases in long-term treasury rates, and TeleTech expects to recoup the entire amount through future interest savings.


The company also structured a new $100 million revolving credit facility in May and drew $65 million from it as part of its debt reduction plan. TeleTech said its total long-term debt decreased $50 million as a result of the plan.


Share this article:

Sign up to our newsletters

Follow us on Twitter @dmnews

Latest Jobs:

More in News

News Byte: Comcast Expanding Global Ad Delivery Through Partnership

News Byte: Comcast Expanding Global Ad Delivery Through ...

Through a partnership with Adstream , Comcast's AdDelivery Service expands its footprint across the globe.

40 Under 40 2014: Nominations Are Now Open!

40 Under 40 2014: Nominations Are Now Open!

It's time to nominate the 2014 crop of young marketing luminaries for Direct Marketing News's 40 Under 40 Awards. The deadline is Friday, June 6, 2014.

News Byte: MediaCrossing Partners with ASL Marketing on Youth Marketing Tool

News Byte: MediaCrossing Partners with ASL Marketing on ...

The digital media trading firm and marketing database company aim to help marketers target 13 to 34 year olds.