ConvergeOne firms $150 million incremental term loan at 97.75 OID

By Sara Rosenberg

New York, Dec. 14 – ConvergeOne Holdings Inc. set the original issue discount on its fungible $150 million incremental first-lien term loan due January 2026 (B2/B-) at 97.75, the wide end of the 97.75 to 98 talk, according to a market source.

Pricing on the incremental term loan is Libor plus 500 basis points with a 0% Libor floor, in line with existing term loan pricing.

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

Deutsche Bank Securities Inc. is the bookrunner and administrative agent on the deal.

Proceeds will be used to fund current and future acquisitions.

ConvergeOne is an Eagan, Minn.-based IT services provider of collaboration and technology solutions.

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