CONDUENT Inc (CNDT) Form 8-K — Oct 23, 2026
Conduent refinanced its $357 million senior secured revolving credit facilities on October 23, 2026, extending maturities to May 31, 2029 and adding $90 million of new commitments ($75 million first-out revolver plus a new $15 million PLOC facility). The refinancing was executed through new subsidiaries (Conduent Government Holdings I and II) holding the company's government health services and eligibility businesses. Borrowings bear interest at Term SOFR plus 4.00% (first-out) or 3.00% (second-out), with a 0.50% commitment fee, and the company repaid $62 million to existing lenders from Public Transit sale proceeds.
Key figures
- Debt Amount
- $357 million existing revolving credit facilities refinanced, plus $90 million new commitments
- Interest Rate
- Term SOFR + 4.00% (first-out) / + 3.00% (second-out); base rate + 3.00% / + 2.00%; PLOC at second-out rate + 2.00%
- Maturity Date
- May 31, 2029
- Senior notes
- 6.00% Senior Secured Notes due 2029
- Ploc facility
- $15 million
- Commitment fee
- 0.50%
- Factoring condition
- $100 million minimum securitization or receivables financing required by December 31, 2026
- Transit sale repayment
- $62 million
- First out revolving facility
- $75 million
- Excess cash balance threshold
- $150 million
- Transaction reduction extended
- $10 million
- Second out revolving facilities
- $357 million
- Transaction reduction non extended
- $70 million
- Liquidity covenant forecast trigger
- $175 million
AI analysis
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