SEC Filings

20-F
WNS (HOLDINGS) LTD filed this Form 20-F on 05/16/2018
Entire Document
 


Table of Contents

WNS (HOLDINGS) LIMITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in thousands, except share and per share data)

 

12. Loans and borrowings

Long-term debt

The long-term loans and borrowings consist of the following:

 

                   As at  
                   March 31, 2018      March 31, 2017  

Currency

   Interest rate      Final
maturity
( fiscal year)
     Foreign
currency
     Total      Foreign
currency
     Total  
US dollars      3M USD Libor +1.27%        2020      $ —          22,700        —          34,000  
US dollars      3M USD Libor +0.95%        2022      $ —          67,200        —          84,000  
           

 

 

       

 

 

 

Total

              89,900           118,000  
Less: Debt issuance cost               769           1,257  
           

 

 

       

 

 

 

Total

              89,131           116,743  
           

 

 

       

 

 

 
Current portion of long term debt               $27,740           $27,613  
Long term debt               $61,391           $89,130  

The Company has entered into a floating to fixed interest rate swap in relation to these debts.

In January 2017, WNS North America Inc. obtained from BNP Paribas, Hong Kong, a three-year term loan facility of $34,000 at an interest rate equal to the three-month US dollar LIBOR plus a margin of 1.27% per annum to finance the acquisition of Denali Sourcing Services Inc. WNS North America Inc. has pledged its shares of Denali Sourcing Services Inc. as security for the loan. In connection with the term loan, the Company has entered into an interest rate swap with a bank to swap the variable portion of the interest based on three-month US dollar LIBOR to a fixed rate of 1.5610%. The facility agreement for the term loan contains certain financial covenants as defined in the facility agreement. This term loan is repayable in six semi-annual installments. The first five repayment installments are $5,650 each and the sixth and final repayment installment is $5,750. On July 20, 2017 and January 22, 2018, the Company made scheduled repayments of $5,650 each. As at March 31, 2018, the Company has complied with the financial covenants in all material respects in relation to this loan facility.

In March 2017, WNS (Mauritius) Limited obtained from HSBC Bank (Mauritius) Ltd. and Standard Chartered Bank, UK a five-year term loan facility of $84,000 at an interest rate equal to the three-month US dollar LIBOR plus a margin of 0.95% per annum to finance the acquisition of HealthHelp. The Company has pledged its shares of WNS (Mauritius) Limited as security for the loan. In connection with the term loan, the Company has entered into interest rate swaps with banks to swap the variable portion of the interest based on three-month US dollar LIBOR to a fixed rate of 1.9635%. The facility agreement for the term loan contains certain financial covenants as defined in the facility agreement. This term loan is repayable in ten semi-annual installments of $8,400 each. On September 14, 2017 and March 14, 2018, the Company made scheduled repayments of $8,400 each. As at March 31, 2018, the Company has complied with the financial covenants in all material respects in relation to this loan facility.

The Company has pledged trade receivables, other financial assets, property and equipment, intangible and other assets with an aggregate amount of $113,174 and $88,730 as of March 31, 2018 and March 31, 2017 respectively, as collateral for the above borrowings.

Short-term lines of credit

The Company’s Indian subsidiary, WNS Global Services Private Limited (“WNS Global”), has unsecured lines of credit with banks amounting to $62,718 (based on the exchange rate on March 31, 2018). The Company has also established a line of credit in the UK amounting to $13,840 (based on the exchange rate on March 31, 2018). Further the Company has also established a line of credit in South Africa amounting to $1,732 (based on the exchange rate on March 31, 2018).

As at March 31, 2018, no amounts were drawn under these lines of credit.

 

F-39