Convergint to launch $1.57 billion credit facilities on Tuesday

By Sara Rosenberg

New York, March 8 – Convergint (DG Investment Intermediate Holdings 2 Inc.) is set to hold a lender call at 10 a.m. ET on Tuesday to launch $1.565 billion of credit facilities, according to a market source.

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

The facilities consist of a $150 million revolver, a $1.11 billion seven-year covenant-lite first-lien term loan and a $305 million eight-year covenant-lite second-lien term loan, the source said.

The first-lien term loan has 101 soft call protection for six months and the second-lien term loan has call protection of 102 in year one and 101 in year two.

Of the total first-lien term loan amount, $180 million is delayed-draw.

Commitments are due at 5 p.m. ET on March 17, the source added.

Proceeds will be used to refinance existing debt and fund a distribution.

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

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