TeraGo Announces Extension to its Credit Agreement
TORONTO, June 21, 2021 /CNW/ - TeraGo Inc. ("TeraGo" or the "Company") (TSX: TGO) (www.terago.ca), today announced that an amending agreement (the "Amending Agreement") was entered into between TeraGo Networks Inc., the Company (as guarantor), and each of Royal Bank of Canada and The Toronto-Dominion Bank to further amend the previously executed credit agreement dated June 30, 2020 (the "Credit Agreement") between the parties. The parties agreed, among other things, to extend the maturity date of the Credit Agreement from June 30, 2022 to June 30, 2023.
As part of the Amending Agreement, TeraGo Networks will make a lump sum principal repayment to its term facility, which will reduce its borrowings under such facility to $22.5 million on June 30, 2021.
The existing covenants and other terms and conditions under the Credit Agreement were substantially carried over for the extension.
SOURCE TeraGo Inc.