ConvergEx plans new credit facility for buyout by CVC Capital

By Sara Rosenberg

New York, July 20 - ConvergEx Holdings LLC plans on getting a new credit facility to help fund its acquisition by CVC Capital Partners from GTCR, according to market sources.

Bank of America Merrill Lynch, Barclays Capital Inc., Deutsche Bank Securities Inc., Morgan Stanley & Co. Inc. and Citigroup Global Markets Inc. are the lead banks on the deal.

Closing on the transaction is expected to take place in the early fall, subject to the receipt of financing and customary regulatory approvals.

Following completion, the Bank of New York Mellon Corp. will remain as a minority shareholder in the company, and the existing ConvergEx management team will remain substantial shareholders and continue to manage the company.

ConvergEx is a New York-based technology company providing mission-critical proprietary software products and technology-enabled services to asset managers and financial intermediaries.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.