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Converge Technology Solutions Corp. Announces Refinancing of Credit Facility

·1 min read

TORONTO, Nov. 6, 2020 /PRNewswire/ - Converge Technology Solutions Corp. ("Converge" or "the Company") (TSXV: 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 that it has entered into a committed $140 million revolving credit facility with a syndicate of banks led by the Canadian Imperial Bank of Commerce (CIBC). This will result in significant interest cost savings for Converge based on the pricing matrix of the new facility.

"This move strengthens our cash flow from operations and significantly increases our financial flexibility," said Shaun Maine, CEO of Converge. "We have materially strengthened our balance sheet throughout 2020 and this new credit facility is a reflection of our improved financial position. The cost savings will allow us to continue to make acquisitions and further investments in our analytics, cloud, cybersecurity, and managed services offerings."

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.

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View original content:http://www.prnewswire.com/news-releases/converge-technology-solutions-corp-announces-refinancing-of-credit-facility-301167991.html

SOURCE Converge Technology Solutions Corp.