The Company announced it has entered into a new credit agreement with The Bank of Nova Scotia (“BNS” or the “Lender“), increasing the total credit facility size and credit availability, while also decreasing interest costs.
TORONTO, Sept. 13, 2021 /CNW/ – Think Research Corporation (TSXV: THNK) (“Think” or the “Company“), a company focused on transforming healthcare through digital health software solutions, today announced that it has entered into a new credit agreement (the “Credit Agreement“) with BNS that will replace its existing credit arrangements with National Bank of Canada. The new Credit Agreement includes a $22 million revolving credit facility, a $6 million revolving acquisition facility, and a $10 million uncommitted accordion that can be allocated to either facility at the Company’s discretion.
The two-year committed Credit Agreement also includes an option to extend by an additional year.
The interest rate for the revolving credit facility is based on the Prime Rate + 1.00% or Bankers Acceptance Rates (“BA’s) + 2.50%. As at the date of this press release, using BA’s the interest cost on the revolving credit facility would be approximately 3%, representing a significant interest savings.
The interest rate for the revolving acquisition facility is based on a sliding scaling pricing model, based on net funded debt to EBITDA of the Company, as defined in the Credit Agreement.
Think CEO, Sachin Aggarwal, said, “We are grateful for the support we have received from BNS and are excited to be joining a leading Schedule I technology lender. We believe this support reflects BNS’s ongoing confidence in Think’s growth and our ability to execute on future acquisitions that are highly synergistic and accretive.”
Borrowings under the Credit Agreement are secured by a first charge over substantially all of the Company’s assets. The new Credit Agreement contains customary representations and warranties, and positive and negative covenants.
About Think Research Corporation
Think Research Corporation is an industry leader in delivering knowledge-based digital health software solutions. The Company’s focused mission is to organize the world’s health knowledge so everyone gets the best care. Its evidence-based healthcare technology solutions support the clinical decision-making process, standardize care, and improve patient outcomes. For over a decade, Think’s cloud-based, EMR-agnostic digital tools have empowered clinicians around the world and positively impacted millions of patients across the continuum of care – including primary physician care, acute care hospitals and surgical suites as well as community and seniors care. Think is proud to serve as a trusted health system partner to a rapidly growing, global client base that spans five continents and more than 2,800 healthcare facilities.
SOURCE Think Research Corporation