S&P ups ConvergEx, rates loans B+

Standard & Poor's said it raised its issuer credit rating on ConvergEx Group LLC to B+ from B and removed the ratings from CreditWatch, where they had been with developing implications since Jan. 25.

At the same time, S&P assigned an issue-level rating of B+ to ConvergEx Group's proposed $175 million credit facility, which will consist of a $150 million first-lien term loan and a $25 million revolver.

The outlook on the issuer credit rating is stable.

ConvergEx Holdings LLC announced it completed the sale of Eze Castle Software LLC and RealTick LLC to an affiliate of TPG Capital.

ConvergEx Group LLC will use the proceeds from the new term loan, along with proceeds from the sale of its software platform business, to pay down existing debt at the time of the close and satisfy other company obligations.

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