Foundever has completed a broad recapitalization that reduces its debt by nearly $900 million, adds $225 million of common equity and extends major debt maturities as the customer experience company prepares to invest further in AI and long-term growth.
The transaction was completed with support from 95.4% of lenders under Foundever’s term loan facility, all of its revolving credit facility lenders and the company’s existing majority shareholders.
Existing majority shareholders invested $225 million of new common equity.
An exchange of Foundever’s term loan facility reduced total debt by nearly $900 million.
The company also extended its revolving credit facility maturity by more than four years to December 2030 and its term loan maturity by more than two and a half years to March 2031.
Certain revolving credit facility lenders are additionally providing a new three-year, $225 million global accounts receivable financing facility that replaces Foundever’s previous factoring arrangement.
Foundever intends to use its strengthened capital structure to support its technology roadmap, expand its global network and accelerate its transition toward agentic AI-based customer experience operations.
The company has been expanding its CX capabilities around digital operations, analytics and AI while focusing on growth and client outcomes.
Foundever also announced a leadership transition.
Benoit Leclercq has been appointed Interim Chief Executive Officer and will lead the business while the board conducts a formal search for a permanent CEO.
Laurent Uberti and Olivier Camino stepped down from their respective leadership roles effective July 31.
Foundever said day-to-day operations remain unchanged and clients, employees and partners should expect continuity.
Foundever employs approximately 130,000 people across more than 45 countries and supports more than 800 major brands.
The company said it powers 3.3 billion customer conversations annually across more than 60 languages.
PJT Partners served as financial advisor to Foundever, while Weil, Gotshal & Manges served as legal counsel.
Lazard advised certain consenting term loan lenders, with Gibson Dunn serving as legal counsel.
Ondra advised Pidoll, while Latham & Watkins served as its legal counsel.
KEY QUOTES:
“This agreement gives Foundever the financial foundation to invest with confidence in our strategy and long-term growth ambitions.”
“With a strengthened balance sheet and the backing of long-term partners, we are positioned to further accelerate our technology roadmap, expand our global network, and lead the shift to an agentic-AI model from a position of strength.”
Benoit Leclercq, Interim Chief Executive Officer of Foundever
