ConvergeOne ups spread on $430 million term B to Libor plus 475 bps

By Sara Rosenberg

New York, June 15 – ConvergeOne Holdings Corp. increased pricing on its $430 million seven-year term loan B (B2) to Libor plus 475 basis points from talk of Libor plus 375 bps to 400 bps, according to a market source.

In addition, the original issue discount on the term loan was changed to 99 from 99.5 and the 101 soft call protection was extended to one year from six months, the source said.

The term loan still has a 1% Libor floor.

J.P. Morgan Securities LLC, Credit Suisse Securities (USA) LLC, Wells Fargo Securities LLC and Natixis are the leads on the deal.

Proceeds will be used to refinance existing debt.

Commitments were due at 2 p.m. ET on Thursday, the source added.

ConvergeOne is an Eagan, Minn.-based provider of communications solutions.

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