ConvergEx to pay down some 5.25% loans due 2016 with IPO proceeds

By Susanna Moon

Chicago, May 5 - ConvergEx Inc. plans to repay some of its first-lien term loan facility using proceeds from its initial public offering of common stock, according to an S-1 filing with the Securities and Exchange Commission.

The company said it also plans to use some proceeds to purchase newly issued units of subsidiary ConvergEx Group, LLC, which will then use the funds to repay more of the first-lien term loan facility.

Proceeds also will be used for working capital and general corporate purposes.

The outstanding balance of the first-lien term loan facility is due on Dec. 17, 2016. As of Dec. 31, interest on the facility was 5.25%.

The facility was incurred to refinance other long-term debt and for other general corporate purposes.

The company is based in New York and provides proprietary software products, including workflow automation solutions, and technology-enabled services across multiple asset classes.

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