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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM <FONT STYLE="white-space:nowrap">8-K</FONT> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">CURRENT REPORT </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Pursuant to
Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Date of Report (Date of earliest event reported):
<B>February</B><B></B><B>&nbsp;14, 2019</B> </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


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<B> </B> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:22pt; font-family:Times New Roman" ALIGN="center">Sykes Enterprises, Incorporated </P>
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<TD VALIGN="bottom" ALIGN="center">(Exact name of registrant as specified in its charter)</TD>
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<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000">Florida</TD>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(State or other jurisdiction</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">of incorporation)</P></TD>
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<TD VALIGN="top" ALIGN="center">(IRS Employer Identification&nbsp;No.)</TD></TR>
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<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">400 N. Ashley Drive, Suite 2800,
Tampa,&nbsp;Florida</P></TD>
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<TD VALIGN="top" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>33602</B></P></TD>
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<TD VALIGN="bottom" ALIGN="center">(Address of principal executive offices)</TD>
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<TD VALIGN="bottom">&nbsp;</TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><FONT STYLE="font-family:Times New Roman; font-size:10pt">Registrant&#146;s telephone number,
including area code:</FONT><FONT STYLE="font-family:Times New Roman; font-size:12pt"> <B>(813)</B><B></B><B><FONT STYLE="white-space:nowrap">&nbsp;274-1000</FONT></B> </FONT></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" ALIGN="center">(Former name or former address if changed since last report.)</TD>
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</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">Check the appropriate box below if the Form <FONT STYLE="white-space:nowrap">8-K</FONT> filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following provisions: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">&#9744; Written communications pursuant to Rule 425 under the
Securities Act (17 CFR 230.425) </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">&#9744; Soliciting material pursuant to Rule <FONT STYLE="white-space:nowrap">14a-12</FONT> under the Exchange Act (17 CFR <FONT
STYLE="white-space:nowrap">240.14a-12)</FONT> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">&#9744; <FONT STYLE="white-space:nowrap">Pre-commencement</FONT> communications pursuant to Rule <FONT
STYLE="white-space:nowrap">14d-2(b)</FONT> under the Exchange Act (17 CFR <FONT STYLE="white-space:nowrap">240.14d-2(b))</FONT> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">&#9744; <FONT
STYLE="white-space:nowrap">Pre-commencement</FONT> communications pursuant to Rule <FONT STYLE="white-space:nowrap">13e-4(c)</FONT> under the Exchange Act (17 CFR <FONT STYLE="white-space:nowrap">240.13e-4(c))</FONT> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter)
or Rule <FONT STYLE="white-space:nowrap">12b-2</FONT> of the Securities Exchange Act of 1934 <FONT STYLE="white-space:nowrap">(&#167;240.12b-2</FONT> of this chapter). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">Emerging growth company &#9744; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">If an emerging growth company,
indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section&nbsp;13(a) of the Exchange Act. &#9744; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item 1.01 Entry into a Material Definitive Agreement. </B></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>New Credit Agreement </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">On
February&nbsp;14, 2019, Sykes Enterprises, Incorporated (&#147;Sykes&#148;), entered into a Credit Agreement with KeyBank National Association, as Administrative Agent, Swing Line Lender and Issuing Lender, the lenders named therein, and KeyBanc
Capital Markets Inc. as Lead Arranger and Sole Book Runner a copy of which is attached to this Report as Exhibit&nbsp;10.1. The Credit Agreement provides for a $500&nbsp;million senior revolving credit facility which may be increased by an aggregate
amount of up to an additional $200&nbsp;million on or before February&nbsp;14, 2023, subject to the conditions set forth therein. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The revolving credit facility provided under the Credit Agreement replaces Sykes&#146; previous $440&nbsp;million senior
revolving credit facility provided under the Credit Agreement among Sykes, KeyBank, as Lead Arranger, Sole Book Runner and Administrative Agent, and the lenders named therein, dated May&nbsp;12, 2015, as amended. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Set forth below is a summary of the material terms of the Credit Agreement. The summary is not complete and is subject to and
qualified in its entirety by reference to the full text of the Credit Agreement, which is incorporated herein by reference to Exhibit&nbsp;10.1. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B><I>Maturity </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The revolving facility will mature on February&nbsp;14, 2024. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B><I>Revolver <FONT STYLE="white-space:nowrap">Sub-Limits</FONT> </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The revolving facility includes a $200.0&nbsp;million alternate-currency <FONT STYLE="white-space:nowrap">sub-facility,</FONT>
a $15&nbsp;million swingline <FONT STYLE="white-space:nowrap">sub-facility</FONT> and a $15&nbsp;million letter of credit <FONT STYLE="white-space:nowrap">sub-facility.</FONT> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B><I>Interest Rate </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Borrowings under the facility will bear interest at either LIBOR or the base rate plus, in each case, an applicable margin
based on Sykes&#146; leverage ratio. The applicable margin will be determined quarterly based on Sykes&#146; leverage ratio at such time. The base rate is a rate per annum equal to the greatest of (i)&nbsp;the rate of interest established by Key,
from time to time, as its &#147;prime rate&#148;; (ii)&nbsp;the Federal Funds effective rate in effect from time to time, plus 1/2 of 1% per annum; and (iii)&nbsp;the then-applicable LIBOR rate for one month interest periods, plus 1.00%. Swing Line
Loans will bear interest only at the base rate plus the applicable margin. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Borrowings are estimated to open at LIBOR plus
100.0 basis points. Under the terms of the previous facility, borrowings incurred interest at LIBOR plus 100.0 basis points immediately prior to the new Credit Agreement being entered into. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B><I>Interest Payments </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">For base rate borrowings, the interest payments are due quarterly. For LIBOR borrowings, the interest payments are due at the
end of each LIBOR interest period. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B><I>Fees </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Sykes is required to pay certain customary fees, including a commitment fee which is due quarterly in arrears and calculated as
a percentage of the daily unused amount of the revolving facility. The commitment fee percentage will be determined quarterly based on Sykes&#146; leverage ratio at such time. The commitment fee for the initial period will be 12.5 basis points.
Under the terms of the previous facility, the commitment fee was 12.5 basis points immediately prior to the new Credit Agreement being entered into. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B><I>Guarantees and Security </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The facility is guaranteed by all of Sykes&#146; existing and future direct and indirect material U.S. subsidiaries and secured
by a pledge of 100% of the <FONT STYLE="white-space:nowrap">non-voting</FONT> and 65% of the voting capital stock of all the direct foreign subsidiaries of Sykes and the domestic guarantors. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Other Terms and Conditions </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The credit agreement contains usual and customary terms and conditions, including usual and customary conditions precedent for
advances, affirmative covenants, negative covenants, financial reporting requirements, financial covenants, representations and warranties, indemnities, events of default and remedies, agency provisions, and other provisions customary for
transactions of this type. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Among the negative covenants, the credit agreement includes restrictions on indebtedness,
investments, liens, asset sales, affiliate transactions, and equity issuances by subsidiaries. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Among the financial
covenants, the credit agreement provides that: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The leverage ratio cannot exceed 3.5 to 1, except for the four quarters immediately following an acquisition
involving consideration equal or greater than $50,000,000, when the maximum leverage ratio will be 4.0 to 1; and </P></TD></TR></TABLE>
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<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#9679;</TD>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The interest coverage ratio cannot be less than 3 to 1 at any time. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>Item 1.02 Termination of a Material Definitive Agreement. </B></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:6%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The revolving credit facility described in Item 1.01 above replaces Sykes&#146; previous senior revolving credit facility
provided under the Credit Agreement among Sykes, and KeyBank National Association, as Lead Arranger, Sole Book Runner and Administrative Agent, and the lenders named therein, dated May&nbsp;12, 2015, as amended, which agreement was terminated
simultaneous with entering into the new Credit Agreement. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="8%" VALIGN="top" ALIGN="left"><B>Item&nbsp;9.01.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="justify"><B>Statements and Exhibits. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;The following exhibits are included with this Report: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" ALIGN="right">Exhibit 10.1</TD>
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<TD VALIGN="bottom"><A HREF="d709632dex101.htm">Credit Agreement, dated February&nbsp;
14, 2019, between Sykes Enterprises, Incorporated; KeyBank National Association, as Administrative Agent, Swing Line Lender and Issuing Lender; KeyBanc Capital Markets Inc. as Lead Arranger and Sole Book Runner; and the lenders named therein.
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>SYKES ENTERPRISES,</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>INCORPORATED</B></P></TD>
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<TD VALIGN="top" ALIGN="center">By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
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<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">/s/ John Chapman</P></TD>
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<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">John Chapman</P></TD>
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<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Executive Vice President and</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Chief Financial Officer</P></TD>
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<TD VALIGN="bottom" ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; font-size:10pt; font-family:Times New Roman" ALIGN="center">Date: February&nbsp;15, 2019</P></TD>
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[{"type": "8-K", "sequence": "1", "filename": "d709632d8k.htm", "description": "FORM 8-K", "secsgml_size_bytes": 25099}]
{"company-data": {"conformed-name": "SYKES ENTERPRISES INC", "cik": "0001010612", "assigned-sic": "7373", "irs-number": "561383460", "state-of-incorporation": "FL", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-28274", "film-number": "19611516"}, "business-address": {"street1": "400 NORTH ASHLEY DRIVE", "city": "TAMPA", "state": "FL", "zip": "33602", "phone": "8132741000"}, "mail-address": {"street1": "400 NORTH ASHLEY DRIVE", "city": "TAMPA", "state": "FL", "zip": "33602"}}
Form 8-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
8-K
CURRENT REPORT
Pursuant to
Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
February
14, 2019
Sykes Enterprises, Incorporated
(Exact name of registrant as specified in its charter)
Florida
0-28274
56-1383460
(State or other jurisdiction
of incorporation)
(Commission File Number)
(IRS Employer Identification No.)
400 N. Ashley Drive, Suite 2800,
Tampa, Florida
33602
(Address of principal executive offices)
(Zip Code)
Registrant's telephone number,
including area code:
(813)
274-1000
(Former name or former address if changed since last report.)
Check the appropriate box below if the Form
8-K
filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the
Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule
14a-12
under the Exchange Act (17 CFR
240.14a-12)
☐
Pre-commencement
communications pursuant to Rule
14d-2(b)
under the Exchange Act (17 CFR
240.14d-2(b))
☐
Pre-commencement
communications pursuant to Rule
13e-4(c)
under the Exchange Act (17 CFR
240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter)
or Rule
12b-2
of the Securities Exchange Act of 1934
(§240.12b-2
of this chapter).
Emerging growth company ☐
If an emerging growth company,
indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 1.01 Entry into a Material Definitive Agreement.
New Credit Agreement
On
February 14, 2019, Sykes Enterprises, Incorporated ("Sykes"), entered into a Credit Agreement with KeyBank National Association, as Administrative Agent, Swing Line Lender and Issuing Lender, the lenders named therein, and KeyBanc
Capital Markets Inc. as Lead Arranger and Sole Book Runner a copy of which is attached to this Report as Exhibit 10.1. The Credit Agreement provides for a $500 million senior revolving credit facility which may be increased by an aggregate
amount of up to an additional $200 million on or before February 14, 2023, subject to the conditions set forth therein.
The revolving credit facility provided under the Credit Agreement replaces Sykes' previous $440 million senior
revolving credit facility provided under the Credit Agreement among Sykes, KeyBank, as Lead Arranger, Sole Book Runner and Administrative Agent, and the lenders named therein, dated May 12, 2015, as amended.
Set forth below is a summary of the material terms of the Credit Agreement. The summary is not complete and is subject to and
qualified in its entirety by reference to the full text of the Credit Agreement, which is incorporated herein by reference to Exhibit 10.1.
Maturity
The revolving facility will mature on February 14, 2024.
Revolver
Sub-Limits
The revolving facility includes a $200.0 million alternate-currency
sub-facility,
a $15 million swingline
sub-facility
and a $15 million letter of credit
sub-facility.
Interest Rate
Borrowings under the facility will bear interest at either LIBOR or the base rate plus, in each case, an applicable margin
based on Sykes' leverage ratio. The applicable margin will be determined quarterly based on Sykes' leverage ratio at such time. The base rate is a rate per annum equal to the greatest of (i) the rate of interest established by Key,
from time to time, as its "prime rate"; (ii) the Federal Funds effective rate in effect from time to time, plus 1/2 of 1% per annum; and (iii) the then-applicable LIBOR rate for one month interest periods, plus 1.00%. Swing Line
Loans will bear interest only at the base rate plus the applicable margin.
Borrowings are estimated to open at LIBOR plus
100.0 basis points. Under the terms of the previous facility, borrowings incurred interest at LIBOR plus 100.0 basis points immediately prior to the new Credit Agreement being entered into.
Interest Payments
For base rate borrowings, the interest payments are due quarterly. For LIBOR borrowings, the interest payments are due at the
end of each LIBOR interest period.
Fees
Sykes is required to pay certain customary fees, including a commitment fee which is due quarterly in arrears and calculated as
a percentage of the daily unused amount of the revolving facility. The commitment fee percentage will be determined quarterly based on Sykes' leverage ratio at such time. The commitment fee for the initial period will be 12.5 basis points.
Under the terms of the previous facility, the commitment fee was 12.5 basis points immediately prior to the new Credit Agreement being entered into.
Guarantees and Security
The facility is guaranteed by all of Sykes' existing and future direct and indirect material U.S. subsidiaries and secured
by a pledge of 100% of the
non-voting
and 65% of the voting capital stock of all the direct foreign subsidiaries of Sykes and the domestic guarantors.
Other Terms and Conditions
The credit agreement contains usual and customary terms and conditions, including usual and customary conditions precedent for
advances, affirmative covenants, negative covenants, financial reporting requirements, financial covenants, representations and warranties, indemnities, events of default and remedies, agency provisions, and other provisions customary for
transactions of this type.
Among the negative covenants, the credit agreement includes restrictions on indebtedness,
investments, liens, asset sales, affiliate transactions, and equity issuances by subsidiaries.
Among the financial
covenants, the credit agreement provides that:
●
The leverage ratio cannot exceed 3.5 to 1, except for the four quarters immediately following an acquisition
involving consideration equal or greater than $50,000,000, when the maximum leverage ratio will be 4.0 to 1; and
●
The interest coverage ratio cannot be less than 3 to 1 at any time.
Item 1.02 Termination of a Material Definitive Agreement.
The revolving credit facility described in Item 1.01 above replaces Sykes' previous senior revolving credit facility
provided under the Credit Agreement among Sykes, and KeyBank National Association, as Lead Arranger, Sole Book Runner and Administrative Agent, and the lenders named therein, dated May 12, 2015, as amended, which agreement was terminated
simultaneous with entering into the new Credit Agreement.
Item 9.01.        Financial
Statements and Exhibits.
(d) The following exhibits are included with this Report:
Exhibit 10.1
Credit Agreement, dated February 
14, 2019, between Sykes Enterprises, Incorporated; KeyBank National Association, as Administrative Agent, Swing Line Lender and Issuing Lender; KeyBanc Capital Markets Inc. as Lead Arranger and Sole Book Runner; and the lenders named therein.
SIGNATURE
Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
SYKES ENTERPRISES,
INCORPORATED
By:
/s/ John Chapman
John Chapman
Executive Vice President and
Chief Financial Officer
Date: February 15, 2019