TORONTO and GATINEAU, QC, Feb. 9, 2023
/CNW/ - Converge Technology Solutions Corp. ("Converge" or
"the Company") (TSX: CTS) (FSE: 0ZB) (OTCQX: CTSDF)
a services-led, software-enabled IT & Cloud Solutions
provider, is pleased to announce it has increased its $500 million global revolving credit facility
(the "Global 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, the Toronto-Dominion
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," stated Shaun
Maine, Group CEO of Converge. "We are well positioned to
continue creating value for our shareholders through organic and
inorganic growth and strategic capital deployment."
About Converge
Converge Technology Solutions Corp. is a services-led,
software-enabled IT & Cloud Solutions provider focused on
delivering industry-leading solutions and services. Converge's
global solution approach delivers advanced analytics, application
modernization, cloud platforms, cybersecurity, digital
infrastructure, and digital workplace offerings to clients across
various industries. The Company supports these solutions with
advisory, implementation, and managed services expertise across all
major IT vendors in the marketplace. This multi-faceted approach
enables Converge to address the unique business and technology
requirements for all clients in the public and private sectors. For
more information, visit convergetp.com.
Forward-Looking
Information
Certain information contained in this press release may
constitute forward-looking information under applicable securities
laws, including statements related to the Company's NCIB, the
timing and amount of potential purchases and the cancellation of
Common Shares under the NCIB, the entering into of the Agreement,
the Company's belief that repurchasing shares is an appropriate use
of available funds and other statements that are not historical
facts. Forward-looking statements are necessarily based upon
various assumptions that, while the Company considers reasonable,
are subject to known and unknown risks, uncertainties, and other
factors which may cause the actual results and future events to
differ materially from those expressed or implied by such
forward-looking statements. Except as required by law, Converge
assumes no obligation to update the forward-looking statements of
beliefs, opinions, projections, or other factors, should they
change. The reader is cautioned not to place undue reliance on
forward-looking statements.
For a detailed description of the risks and uncertainties facing
the Company and its business and affairs, readers should refer to
the Company's filings available on SEDAR under the Company's
profile at www.sedar.com including its most recent Annual
Information Form, its Management Discussion and Analysis and its
Annual and Quarterly Financial Statements.
The TSX has not reviewed the information provided under this
press release and does not accept responsibility for the adequacy
or accuracy of this release.
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SOURCE Converge Technology Solutions Corp.