Moody’s rates ConvergeOne loan B2

Moody’s Investors Service said it assigned ratings to ConvergeOne Holdings, Inc. subsidiary C1 Holdings Corp., including a corporate family rating of B2 and a probability of default rating of B2-PD.

The agency also assigned a B2 rating to the company's proposed first-lien term loan and a speculative grade liquidity rating of SGL-3.

The outlook is stable.

Moody’s said the action follows ConvergeOne's announcement of plans to refinance its existing debt structure in conjunction with its February merger with Forum Merger Corp. and the public listing of the combined entity's equity.

The ratings on the issuer's predecessor entity, ConvergeOne Holdings Corp., and its presently outstanding debt will be withdrawn upon completion of the refinancing, Moody’s said.

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