Converge Technology Solutions Corp. Announces $500 Million Global Revolving Credit Facility

On July 28, 2022, Converge Technology Solutions Corp. (“Converge”) (TSX:CTS) (FSE:0ZB) (OTCQX:CTSDF), announced it has refinanced its existing $300 million asset-based lending (“ABL”) credit facility with a new 5-year $500 million global revolving credit facility.

The multi-currency senior revolving Global Credit Facility, led by JP Morgan and Canadian Imperial Bank of Commerce (“CIBC”) as joint lead arrangers, also includes an uncommitted accordion feature of $100 million, for a total borrowing capacity of up to $600 million.

Converge Technology Solutions is a services-led, software-enabled, IT & Cloud Solutions provider and this credit facility supports, among other things, their global expansion. Converge’s global solution approach delivers advanced analytics, application modernization, cloud, cybersecurity, digital infrastructure, and digital workplace offerings to clients across various industries.

McMillan acted as lead counsel for the joint lead arrangers and JPMorgan Chase Bank, N.A., Toronto Branch, as administrative agent, in connection with this cross-border multi-jurisdictional transaction. Jeff Rogers led the national interdisciplinary team, which included Michelle Boodhoo, Alex Ricchetti, Christina Kim, Kelsey Milward, Tushara Weerasooriya and Wael Rostom.

McMillan’s Financial Services Group is recognized both nationally and internationally for its depth of expertise and responsiveness, as well as strong cross-border transaction experience. We are on the approved counsel list to Canada’s central bank, Bank of Canada, all G14 banks and all six large Canadian banks. We are unique in that we have a core bank lending practice that is based on lender clients rather than an add-on group relying upon borrower-side work generated from corporate practice. We have successfully structured financing for all shapes and sizes of deals in the debt and equity spaces and have worked and negotiated with all levels of lenders. Our Group works in inter-disciplinary teams with cross-specializations to deliver tailored expertise and provide industry-specific efficient solutions to address our client’s specific needs and help them stay ahead.