Toronto-based Think Research, a provider of digital healthcare solutions, has increased its credit facility size to C$25 million, from C$10 million. The increase, the result of an amended credit agreement with National Bank of Canada, will be used for acquisitions and other priorities. Think Research is backed by Fidelity Investments Canada, iGan Partners, Lumira Ventures, Kayne Partners and other investors.
Think Research Announces Increased Credit Facility
TORONTO, June 28, 2021 /CNW/ – Think Research Corporation (TSXV: THNK) (“THINK” or the “Company”), a company focused on transforming healthcare through digital health software solutions, is pleased to announce that it has entered into an amended credit agreement (the “Credit Agreement”) with National Bank of Canada (“NBC” or the “Lender”) that provides for a $15 million revolving credit facility and a $10 million revolving acquisition facility for an aggregate total availability of up to $25 million.
The Company will use the proceeds from the Credit Agreement for general corporate purposes and acquisitions.
THINK Research CEO, Sachin Aggarwal, said, “We are grateful for the ongoing support we have received from NBC for the past four years. We believe this support reflects NBC’s ongoing confidence in THINK’s growth and our ability to execute on future acquisitions that are highly synergistic and accretive.”
NBC’s Senior Director of Technology and Innovation Banking, David Looi, said “NBC is committed to supporting technology companies from coast-to-coast through their entire life cycle and is pleased to provide growth capital to help companies grow to the next level. We’re excited to continue supporting THINK on its quest to be a global industry leader in digital health solutions.”
The new Credit Agreement will provide a line of credit with a sliding-scale based interest rate relative to the Company’s leverage ratio. The maturity date for the Credit Agreement is June 25, 2024. By having a committed three-year Credit Agreement, bank debt outstanding shifts from current liabilities to long term liabilities, the impact of which would be $9 million as at March 31, 2021. This also strengthens the Company’s working capital position.
Borrowings under the facility are secured by a first charge over substantially all of the Company’s assets. The new Credit Agreement contains customary representations and warranties, positive and negative covenants, and events of default.
About Think Research Corporation
Think Research 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 Research’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 Research 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.
For further information: Genevieve Tomney, VP, Communications & Investor Relations, Think Research Corporation, Direct: 416.460.5784, email@example.com