SEC Filings

6-K
WNS (HOLDINGS) LTD filed this Form 6-K on 11/05/2018
Entire Document
 


Table of Contents

WNS (HOLDINGS) LIMITED

NOTES TO UNAUDITED CONDENSED INTERIM 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  

Currency

  

Interest rate

   Final
maturity
(fiscal

year)
     September 30, 2018      March 31, 2018  

US dollars

   3M USD Libor+1.27%      2020        17,050        22,700  

US dollars

   3M USD Libor +0.95%      2022        58,800        67,200  
           

 

 

 

Total

           75,850        89,900  

Less: Debt issuance cost

           574        769  
        

 

 

    

 

 

 

Total

           75,276        89,131  

Current portion of long-term debt

         $ 27,803      $ 27,740  

Long-term debt

         $ 47,473      $ 61,391  

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. WNS North America Inc. has pledged its shares of Denali 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, January 22, 2018 and July 20, 2018, the Company made scheduled repayments of $5,650 each. As at September 30, 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, March 14, 2018 and September 17, 2018 the Company made scheduled repayments of $8,400 each. As at September 30, 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 and property and equipment with an aggregate amount of $115,779 and $113,174 as at September 30, 2018 and March 31, 2018, 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 $57,905 (based on the exchange rate on September 30, 2018). The Company has also established a line of credit in the UK amounting to $12,875 (based on the exchange rate on September 30, 2018). Further the Company has also established a line of credit in South Africa amounting to $1,449 (based on the exchange rate on September 30, 2018).

As at September 30, 2018, no amounts were drawn under these lines of credit.

 

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