Quarterhill Inc. (TSX: QTRH) (OTCQX: QTRHF), a global leader in the Intelligent Transportation System (ITS) industry, 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. The financing comprises a $30 million initial term loan facility, a $25 million delayed draw term loan facility, and a $5 million revolving credit facility. Proceeds 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. Additionally, Quarterhill established a $100 million uncommitted accordion, subject to PCI agreement and customary conditions, to support inorganic growth initiatives.
This credit facility is significant because it strengthens Quarterhill's balance sheet and provides substantial financial flexibility. By refinancing existing debt and redeeming convertible debentures, the company reduces its near-term obligations and potentially lowers its cost of capital. The $100 million accordion acts as a readily available source of funding for acquisitions, allowing Quarterhill to pursue growth opportunities without the delays of securing new financing. This is particularly important in the rapidly evolving ITS industry, where artificial intelligence and machine learning technologies are transforming transportation networks. Quarterhill's 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. The new credit facility positions Quarterhill to invest in innovation and expand its market presence, ultimately enhancing its ability to reduce congestion, improve roadway safety, and create more sustainable travel.
For more information on Quarterhill's financing, visit the full press release at https://ibn.fm/GSsqN. Quarterhill is listed on the TSX under the symbol QTRH and on the OTCQX Best Market under the symbol QTRHF. To learn more about the company, visit https://www.quarterhill.com/.
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