Convergint increases incremental term loan size to $75 million

By Sara Rosenberg

New York, Nov. 2 – Convergint Technologies upsized its fungible incremental first-lien term loan (B2/B) due February 2025 to $75 million from $65 million, according to a market source.

Pricing on the incremental term loan is unchanged at Libor plus 300 basis points with a 0.75% Libor floor and an original issue discount of 99.

The spread and floor on the incremental term loan matches existing first-lien term loan pricing.

Credit Suisse Securities (USA) LLC, Citigroup Global Markets Inc., Morgan Stanley Senior Funding Inc., Jefferies LLC, RBC Capital Markets and Bank of America Merrill Lynch are the lead arrangers on the deal.

Recommitments were scheduled to be due at 1 p.m. ET on Friday, the source added.

Proceeds will be used to fund tuck-in acquisitions.

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

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