Convergint lifts incremental term loan to $65 million, tightens OID

By Sara Rosenberg

New York, Aug. 2 – Convergint (Gopher Sub Inc.) upsized its incremental first-lien term loan due Feb. 1, 2025 to $65 million from $55 million and revised the original issue discount to 99 from 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.

Credit Suisse Securities (USA) LLC is the lead bank on the deal.

Recommitments are due at 11 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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