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ConvergeOne lifts spread on $210 million term B to Libor plus 800 bps
By Sara Rosenberg
New York, May 3 - ConvergeOne increased pricing on its $210 million six-year term loan B to Libor plus 800 basis points from talk of Libor plus 650 bps to 675 bps, according to a market source.
Additionally, the original issue discount on the term loan widened to 98½ from 99 and the call protection was revised to 103 in year one and 101 in year two from 101 soft call protection for one year, the source said.
The loan still has a 1.25% Libor floor.
The company's $230 million credit facility also includes a $20 million five-year revolver.
Goldman Sachs & Co. is the lead bank on the deal.
Proceeds will be used to refinance existing debt and fund a distribution to equity holders.
ConvergeOne is an Eagan, Minn.-based designer, implementer and manager of data and communications systems.
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