ConvergeOne increases incremental term loan B size to $75 million

By Sara Rosenberg

New York, July 25 – ConvergeOne Holdings Corp. upsized its fungible incremental covenant-light term loan B (B2/B) due June 2024 to $75 million from $60 million, according to a market source.

As before, pricing on the incremental term loan is Libor plus 475 basis points with a 1% Libor floor, in line with existing term loan pricing, and the new debt has an original issue discount of 99.25 and 101 soft call protection until June 2018.

Credit Suisse Securities (USA) LLC and J.P. Morgan Securities LLC are the lead arrangers on the deal.

Commitments were scheduled to be due at 5 p.m. ET on Tuesday, the source added.

Proceeds will be used to fund a tuck-in acquisition and for general corporate purposes.

The incremental loan is being added on to an existing $430 million term loan B.

ConvergeOne is an Eagan, Minn.-based provider of communications solutions.

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