Banks Postpone Loan Sale for HIG’s US-Canada IT Merger

(Bloomberg) — A group of banks led by Bank of Montreal have postponed a $1.1 billion loan sale that was to help finance HIG Capital LLC’s planned purchase of Canadian firm Converge Technology Solutions Corp., according to people with knowledge of the matter.

The lenders agreed to underwrite the debt earlier this year, when HIG announced it planned to merge portfolio company Mainline Information Systems Inc. with Converge. The combined firm would be called Cardinal. The loan sale had struggled to attract demand, Bloomberg previously reported. Lender commitments for the loan had been due April 1.