Quarterhill (QTRH.TO) said Tuesday it entered into a new US$60-million senior secured credit facility with BTG Pactual's U.S. Private Credit Investments division.
The financing includes a US$30 million initial term loan, a US$25 million delayed draw term loan, and a US$5 million revolving credit facility, the company said. The funds will be used to refinance existing debt, redeem convertible debentures, cover transaction costs, and provide working capital.
The credit facilities mature on May 12, 2031, and are secured by certain company assets. Quarterhill also established an additional potential US$100 million accordion facility to support future growth, subject to lender agreement. "This is designed to fuel inorganic growth initiatives and allow the company to act quickly on accretive merger and acquisition opportunities as they arise," it said.
The company's shares were last seen up $0.10 to $1.53 on the Toronto Stock Exchange.
Price: $1.53, Change: $+0.10, Percent Change: +6.99%