Converge Technology Solutions Corp. Announces Increase to Credit Facility and Addition of J.P. Morgan Chase to Syndicate
TORONTO and GATINEAU, Quebec, Dec. 08, 2021 (GLOBE NEWSWIRE) — Converge Technology Solutions Corp. (“Converge” or “the Company”) (TSX:CTS) (FSE:0ZB) (OTCQX:CTSDF) a software-enabled IT & Cloud Solutions provider, is pleased to announce it has gained approval to increase its ABL credit facility from $190 million to $300 million in an agreement with a syndicate of banks led by CIBC. Converge will also add J.P. Morgan Chase & Co. to the Company’s syndicate of banks.
“Over the course of this year, Converge has realized significant financial growth as exemplified in our recently released earnings announcement,” stated Shaun Maine, CEO of Converge. “As we move into 2022, we remain confident in our continued expansion. With nothing currently drawn on the line, the increase of $110 million to Converge’s credit facility will allow Converge to continue building upon and investing in our strategy of growth by acquisition and other initiatives for the upcoming year and beyond.”
Converge Technology Solutions Corp. is a software-enabled IT & Cloud Solutions provider focused on delivering industry-leading solutions and services. Converge’s regional sales and services organizations deliver advanced analytics, cloud, and cybersecurity offerings to clients across various industries. The Company supports these solutions with managed services, digital infrastructure, and talent expertise 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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Converge Technology Solutions Corp.