Quarterhill (TSX: QTRH) (OTCQX: QTRHF), a global leader in the Intelligent Transportation System (ITS) industry, announced it has secured a $60 million senior secured credit facility with U.S. Private Credit Investments (PCI), a division of BTG Pactual Global Alternatives. Roth Canada served as co-lead debt advisor on the financing, which consists of a $30 million initial term loan facility, a $25 million delayed draw term loan facility, and a $5 million revolving credit facility.
The proceeds from the credit facility will be used to repay obligations under Quarterhill’s existing credit agreement, redeem its convertible debentures, pay transaction fees and expenses, and provide working capital. This refinancing simplifies the company’s capital structure and reduces its cost of debt, potentially freeing up resources for operational investments. The company also established a $100 million uncommitted accordion, subject to PCI agreement and customary conditions, to support inorganic growth initiatives. This accordion provides Quarterhill with the option to increase its borrowing capacity by up to $100 million, giving it significant flexibility to pursue acquisitions or other strategic investments without needing to negotiate an entirely new credit facility.
Quarterhill operates in the ITS industry, providing smart infrastructure solutions and AI- and machine learning-enabled transportation technologies. Its platforms process billions of transactions annually, perform compliance and safety inspections on millions of commercial vehicles, and enable transportation agencies worldwide to optimize thousands of lanes of traffic. By leveraging advanced technologies, Quarterhill helps agencies manage transportation networks more efficiently, reducing congestion, improving roadway safety, and creating more sustainable travel. The new credit facility strengthens Quarterhill’s balance sheet and provides the financial runway needed to invest in innovation and expand its market presence. For more information, visit https://www.quarterhill.com/.
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