Convergint lifts add-on term loan to $175 million, revises OID to 99

By Sara Rosenberg

New York, Aug. 10 – Convergint Technologies upsized its fungible add-on first-lien term loan due March 2028 to $175 million from $150 million and modified the original issue discount to 99 from talk in the range of 98 to 98.5, according to a market source.

Pricing on the add-on term loan is SOFR plus 475 basis points with a 0.75% floor.

The add-on term loan has 101 soft call protection for six months.

JPMorgan Chase Bank, Credit Suisse Securities (USA) LLC, Mizuho and MUFG are the bookrunners on the deal. Credit Suisse is the administrative agent.

Recommitments were scheduled to be due at 11 a.m. ET on Thursday, the source added.

Proceeds will be used to repay revolving credit facility borrowings and for general corporate purposes.

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

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