Convergys enters $300 million revolver with JPMorgan, Citi, others

By Jennifer Chiou

New York, March 16 - Convergys Corp. entered into a $300 million four-year competitive advance revolving credit facility agreement on Friday with a syndicate that included JPMorgan Chase Bank, NA as administrative agent, Citibank, NA as syndication agent and BNP Paribas, the Bank of Nova Scotia, PNC Bank, NA and Wells Fargo Bank, NA as co-documentation agents, according to an 8-K filing with the Securities and Exchange Commission.

On the same date, the company terminated its previous $400 million facility.

Under the new undrawn facility, Convergys said it has two borrowing options available:

• A competitive advance option, which will be provided on an uncommitted competitive advance basis through an auction mechanism; and

• A revolving credit option, which will be provided on a committed basis.

The 8-K noted that the facility may be increased by up to $100 million one time during the term of the agreement.

The agreement will mature on March 11, 2015, and the company may extend that date by one year twice during the term of the loan, the filing stated.

All obligations under the agreement are unconditionally guaranteed by each of the following subsidiaries: Convergys Information Management Group Inc., Asset Ohio Fourth Street LLC, Convergys Cellular Systems Co., Convergys Customer Management International Inc., Convergys Customer Management Group Canada Holding Inc., Convergys Customer Management Group Inc., Convergys Government Solutions LLC, Encore Receivable Management Inc., Intervoice Inc., Brite Voice Systems, Inc., Convergys CMG Utah Inc. and Convergys Finance Corp.

Convergys is a Cincinnati-based relationship management services company.

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