Globe & Mail 11:17 AM EDT, 03/22/2021 (MT Newswires) -- Converge Technology Solutions Corp. on Monday said it received approval to increase its ABL credit facility to $190 million from $140 million in a deal with a syndicate of banks led by CIBC.
The company's stock rose 4.4% on last look on Monday.
"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," Shaun Maine, CEO of Converge, said in a news release. "The increase of $50 million will allow Converge to continue our plans for strategic growth and investment into our acquisition-based model."
Converge Technology Solutions is a North American software-enabled, Hybrid IT service provider.
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