CTSDF - Converge Technology Solutions announces $500M global revolving credit facility

• Converge Technology Solutions ( OTCQX:CTSDF ) said Thursday it refinanced its existing $300M ABL credit facility with a new 5-year $500M global revolving credit facility .
• The new facility includes an uncommitted accordion feature of $100M, for a total borrowing capacity of up to $600M.
• The facility will allow CTSDF to borrow in certain foreign currencies to fund its expansion globally.
• For U.S. dollar borrowings under the facility, the interest rate will be based on SOFR rate plus applicable margin of 1.25-2.25%.
• CTSDF also proposed a normal course issuer bid, under which it will buy back up to 5% of its issued and outstanding shares for cancellation.
• The firm plans to begin the NCIB on Aug. 11 and the NCIB will terminate 1 year after its start, or earlier if the maximum number of shares under the NCIB have been purchased.

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