Conduent has completed a $447 million refinancing transaction designed to extend debt maturities, increase available commitments, and support the company’s broader deleveraging and de-risking strategy.
The transaction extends Conduent’s $357 million revolving credit facility through May 2029 and adds $90 million in additional commitments from its existing bank lenders. The new commitments include a $15 million letter of credit facility.
The refinancing establishes new revolving credit facilities with a group of Conduent’s existing banking partners and rolls certain commitments under the company’s prior revolver into the new facilities.
As a result, maturities that had previously fallen in October 2026 and May 2028 have been extended to May 2029.
The transaction is part of a broader effort by Conduent to strengthen its balance sheet and create additional financial flexibility as it executes ASCEND 2026–28, the company’s three-year strategic plan.
Conduent has also been reshaping its portfolio through divestitures. The company recently completed the sale of its Public Transit business and has separately announced the sale of its Tolling business.
Conduent said the refinancing, together with those portfolio actions and the use of divestiture proceeds to repay debt, is expected to reduce its surety bond and letter-of-credit portfolio by approximately $550 million once the Tolling transaction is completed.
That reduction is expected to lower financial encumbrances and release capital currently supporting those instruments.
ASCEND 2026–28 is focused on improving profitable growth by standardizing operations, concentrating resources on core solutions where Conduent believes it can compete effectively, and expanding its go-to-market capabilities.
The company also plans to continue investing in AI, automation, data, and technology-enabled business process services for government and commercial customers.
Conduent said its government and commercial programs will continue operating without interruption as the company advances the refinancing and portfolio changes.
Support: Lazard served as strategic advisor to Conduent on the transaction.
KEY QUOTE:
“Deleveraging and de-risking are important priorities as we advance ASCEND 2026–28. We’ve extended our maturities, secured additional commitments from our banking partners and used divestiture proceeds to repay debt. Together with a meaningful reduction in our surety bond and letter-of-credit requirements, these actions strengthen our financial foundation and give us greater flexibility to invest in our core businesses and execute our strategy. They also support our mission to be the premier AI-led and technology-enabled business process partner for Government and Commercial clients, helping them modernize operations, enhance customer and constituent experiences, and achieve measurable business outcomes. Our banking partners’ commitment of new capital reflects their confidence in our strategy and our ability to execute ASCEND 2026–28,”
Harsha V. Agadi, President And Chief Executive Officer Of Conduent
