Convergint lifts term loan to $145 million, revises OID to 96

By Sara Rosenberg

New York, Nov. 15 – Convergint Technologies (DG Investment Intermediate Holdings 2 Inc.) upsized its fungible incremental first-lien term loan due March 31, 2028 (B2/B) to $145 million from $125 million, according to a market source.

Also, the original issue discount on the incremental term loan was tightened to 96 from 95, the source said.

Pricing on the incremental term loan remained at SOFR plus 475 basis points with a 0.75% floor.

The incremental term loan still has 101 soft call protection for six months.

With this transaction, pricing on the company’s existing $184 million incremental first-lien term loan due March 31, 2028 is being increased to SOFR plus 475 bps with a 0.75% floor from SOFR plus 425 bps with a 0.75% floor.

Credit Suisse Securities (USA) LLC is the left lead on the deal.

Recommitments were scheduled to be due at 1 p.m. ET on Tuesday, the source added. The original commitment deadline was 5 p.m. ET on Tuesday but it was accelerated to noon ET prior to the changes being announced.

The incremental term loan will be used to repay revolving credit facility borrowings and to fund future acquisitions.

Convergint is a Schaumberg, Ill.-based service-based security systems integrator.

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