Tucows Inc., Tucows.Com Co., Ting Fiber, Inc., Ting Inc., Tucows Inc. and Tucows Enters into Second Amended and Restated Senior Secured Credit Agreement
November 18, 2021 at 09:34 pm
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On October 26, 2021, Tucows Inc. (the ?Company?) and its wholly owned subsidiaries, Tucows.com Co., Ting Fiber, Inc., Ting Inc., Tucows (Delaware) Inc. and Tucows (Emerald) (each, a ?Borrower? and together, the ?Borrowers,? collectively with the Company, ?Tucows?) and certain other subsidiaries of the Company, as guarantors, entered into a Second Amended and Restated Senior Secured Credit Agreement (the ?Amended Credit Agreement?) with Royal Bank of Canada, as administrative agent (?RBC? or the ?Administrative Agent?), and the lenders party thereto (collectively, the ?Lenders?) to, among other things, increase the existing revolving facility (such existing revolving facility, together with other existing facilities, the ?Existing Facilities?) from $180 million to $240 million (the ?New Facility?, and together with the Existing Facilities, as amended by the Amended Credit Agreement, the ?Credit Facility?). Under the Amended Credit Agreement, the Company has access to an aggregate of $240 million in committed funds. The New Facility accrues interest and standby fees at variable rates based on the Total Funded Debt to EBITDA ratios described above. Under the payment terms for the New Facility, the borrowed amount will continue to amortize quarterly over the term of the agreement. The Amended Credit Agreement contains customary representations and warranties, affirmative and negative covenants, and events of default. The Amended Credit Agreement requires that the Company comply with certain customary non-financial covenants and restrictions.
Tucows Inc. is engaged in providing Internet services. The Companyâs segments include Ting, Wavelo and Tucows Domains. Ting segment provides retail high speed Internet access services to individuals and small businesses. Wavelo segment offers platform and other professional services related to communication service providers, including Mobile Network Operators and Internet Service Providers. The Tucows Domains segment includes wholesale and retail domain name registration services, value added services and portfolio services. It primarily earns revenues from the registration fees charged to resellers in connection with new, renewed and transferred domain name registrations; the sale of retail Internet domain name registration and email services to individuals and small businesses. The Company provides these services primarily through a global Internet-based distribution network of Internet service providers, Web hosting companies and other providers of Internet services to end-users.
Tucows Inc., Tucows.Com Co., Ting Fiber, Inc., Ting Inc., Tucows Inc. and Tucows Enters into Second Amended and Restated Senior Secured Credit Agreement