Ally Commercial Closes Facility With Convergint Technologies
Ally Commercial Finance closed a $142.5 million senior secured credit facility for Convergint Technologies LLC, a portfolio company of KRG Capital Partners. Convergint Technologies is a provider of integration services for security, fire and life safety, building automation and facilities operation and maintenance.
Ally Commercial Finance structured and agented the multi-year facility, which is comprised of a $22.5 million revolver and $120 million term loan.
“We have selected Ally Commercial Finance as the lead agent on numerous other transactions and we are pleased to have Ally as the administrative agent of the senior credit facility for Convergint, our most recent platform investment,” said Ben McCown, vice president of KRG Capital Partners. “This credit facility provides Convergint with the flexibility to continue its strong track record of growth. We value Ally Commercial Finance for its ability to consistently provide us with financial solutions.”
“The strength and depth of KRG’s relationship with its lenders allowed us to complete the syndication quickly,” said George Triebenbacher, president of Structured Finance at Ally. “We have had a long-standing favorable experience working with KRG Capital Partners, and look forward to supporting the team at Convergint Technologies.”
This new facility was used to refinance existing debt and will provide working capital and support general corporate needs, including capital expenditures.
Ally Commercial Finance provides senior secured loans to meet the unique needs of equity sponsors and middle-market companies.