Convergint launches $150 million add-on term loan at 98-98.5 OID

By Sara Rosenberg

New York, Aug. 7 – Convergint Technologies launched on Monday a fungible $150 million add-on first-lien term loan due March 2028 that is talked with an original issue discount of 98 to 98.5, according to a market source.

Pricing on the add-on term loan is SOFR plus 475 basis points with a 0.75% floor.

The add-on term loan has 101 soft call protection for six months, the source said.

JPMorgan Chase Bank, Credit Suisse Securities (USA) LLC, Mizuho and MUFG are the bookrunners on the deal. Credit Suisse is the administrative agent.

Commitments are due at 5 p.m. ET on Wednesday, the source added.

Proceeds will be used to repay revolving credit facility borrowings and for general corporate purposes.

Convergint is a Schaumberg, Ill.-based service-based security systems integrator.

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