Think Research Corporation (TSX-V:THNK, OTCQB:THKKF) announced that it has entered into an amended credit agreement with The Bank of Nova Scotia (BNS) that will update and align its terms with its existing credit facilities with Beedie Investments Ltd.
The healthcare technology company said material elements updated in the amended credit agreement include:
- Financial covenants will now conform to the financial covenants in the credit agreement with Beedie Capital;
- Amortization period for the term loan has been updated from 4 years to 3 years;
- First principal repayment date for the term loan has been moved up by one month, from October 31, 2022 to September 30, 2022;
- In the event the company wishes to use the loan proceeds to make acquisitions under the operating line or term loan, it will need to obtain the consent of BNS for acquisitions which would exceed, individually or in the aggregate, $3 million in any 12-month period;
- A most favoured nation clause in favour of BNS has been included, which provides that if Think Research agrees with Beedie Capital to more favourable financial covenants from a lender's perspective, the company will amend the amended credit agreement to make conforming changes.
READ: Think Research appoints business veteran John Hayes as permanent CFO; promotes Patrick Craib to COO role
As well, Think Research said it has mutually agreed to terminate the market-making services provided by PI Financial Corp on September 30, 2022.
Think Research is an industry leader in delivering knowledge-based digital healthcare software solutions. The firm’s evidence-based healthcare technology solutions support the clinical decision-making process, standardize care, and improve patient outcomes. Think serves as a health system partner to a global client base that spans five continents across more than 13,000 healthcare facilities, with a clinical audience of over 300,000 doctors, nurses and pharmacists.
Contact Sean at sean@proactiveinvestors.com