Converge Technology Solutions Corp. Announces Increase to Credit Facility
TORONTO and GATINEAU, QC, March 22, 2021 /CNW/ - Converge Technology Solutions Corp. ("Converge" or "the Company") (TSX: CTS) (FSE: 0ZB) (OTCQX: CTSDF), a national platform of regionally focused Hybrid IT solution providers in the U.S. and Canada, is pleased to announce it has gained approval to increase its ABL credit facility from $140 million to $190 million in an agreement with a syndicate of banks led by CIBC.
"Upon strengthening our balance sheet and realizing significant interest cost savings throughout 2020 as exemplified by our recent earnings release, we remain enthusiastic to exercise the accordion feature of our credit facility," stated Shaun Maine, CEO of Converge. "The increase of $50 million will allow Converge to continue our plans for strategic growth and investment into our acquisition-based model."
About Converge
Converge Technology Solutions Corp. is a North American software-enabled, Hybrid IT solution provider focused on delivering industry-leading solutions and services. Converge's regional sales and services organizations deliver advanced analytics, cloud, cybersecurity, and managed services offerings to clients across various industries. The Company supports these solutions with talent expertise and digital infrastructure offerings 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.
SOURCE Converge Technology Solutions Corp.
Converge Technology Solutions Corp., Email: [email protected], Phone: 416-360-1495
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