Converge Technology Solutions, a services-led, software-enabled IT and cloud solutions provider, increased its $500 million global revolving credit facility to $600 million under its accordion feature on its existing credit terms. J.P. Morgan and Canadian Imperial Bank of Commerce are joint lead arrangers, with the Bank of Nova Scotia, TD Bank and the Bank of Montreal participating in the lender group.
This increase will provide additional capacity to allow the Company to borrow under its multi-currency facility to fund Converge’s ongoing expansion globally. Generally, for U.S. dollar borrowings under the credit facility, the applicable interest rate will be based on SOFR rate plus applicable margin of 1.25% to 2.25%.
“We are pleased to have the support of our banks, which strengthens our liquidity position on attractive terms and supports our disciplined acquisition strategy in North America and Europe,” Shaun Maine, group CEO of Converge, said. “We are well positioned to continue creating value for our shareholders through organic and inorganic growth and strategic capital deployment.”
