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Quarterhill Announces Update to Credit Agreement
Quarterhill Announces Update to Credit Agreement Canada NewsWire TORONTO ...
About this update from Quarterhill Inc
[{"type":"text","content":"\n \n \n \n Quarterhill Announces Update to Credit Agreement\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n TORONTO\n \n \n ,\n \n \n June 15, 2023\n \n \n /CNW/ - Quarterhill Inc. (\"Quarterhill\" or the \"Company\") (TSX: QTRH) (OTCQX: QTRHF), a leading provider of tolling and enforcement solutions in the Intelligent Transportation System (\"ITS\") industry, announces that it has reached an agreement in principle with its existing syndicate of bank lenders led by HSBC Bank Canada (the \"Syndicate\") on updates to the existing credit agreement (the \"Credit Agreement\") with the Company's subsidiary Quarterhill ITS Inc. The amended Credit Agreement is expected to be finalized and effective by\n \n June 30, 2023\n \n .\n \n \n As disclosed with the Company's financial statements for the three-month period ended\n \n March 31, 2023\n \n , Quarterhill ITS Inc. was offside certain ratio covenants in the Credit Agreement. Under the terms agreed to in principle of the amended Credit Agreement, Quarterhill ITS Inc. will be granted a covenant relief period by the Syndicate through\n \n December 31, 2023\n \n .\n \n \n Other terms and conditions to the amended Credit Agreement are customary for transactions of this nature.\n \n \n \"We are pleased to have reached this agreement in principle with our lenders and for their continued support of the business,\" said\n \n John Gillberry\n \n , Interim CEO, Quarterhill. \"The amended Credit Agreement will provide us with flexibility as we execute on our ITS growth plan.\"\n \n \n About Quarterhill\n \n \n Quarterhill is a leading provider of tolling and enforcement solutions in the Intelligent Transportation System (ITS) industry, as well as, through its Wi-LAN Inc. subsidiary, a leader in Intellectual Property licensing. Our goal is global leadership in ITS, via organic growth of the Electronic Transaction Consultants, LLC (ETC) and International Road Dynamics Inc. (IRD) platforms, and by continuing an acquisition-oriented investment strategy that capitalizes on attractive growth oppor...