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Convergint launches $55 million incremental term loan at 98.75 OID
By Sara Rosenberg
New York, July 31 – Convergint (Gopher Sub Inc.) was scheduled to hold a lender call at 1:30 p.m. ET on Tuesday to launch a $55 million incremental first-lien term loan due Feb. 1, 2025 that is talked with an original issue discount of 98.75, according to a market source.
Pricing on the incremental loan is Libor plus 300 basis points with a 0.75% Libor floor, in line with existing first-lien term loan pricing, the source said.
Credit Suisse Securities (USA) LLC is the lead bank on the deal.
Commitments are due at 10 a.m. ET on Friday, the source added.
Proceeds will be used to repay revolving credit facility borrowings and for general corporate purposes.
Convergint is a Schaumberg, Ill., service-based security systems integrator.
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