Quarterhill secures $60 million credit facility with BTG Pactual division

Quarterhill Inc. (TSX: QTRH) (OTCQX: QTRHF) announced it has entered into a $60 million senior secured credit facility with U.S. Private Credit Investments, a division of BTG Pactual Global Alternatives.

The financing consists of a $30 million initial term loan facility, a $25 million delayed draw term loan facility, and a $5 million revolving credit facility. The facilities mature on May 12, 2031, and are secured by certain company assets.

Quarterhill plans to use proceeds to repay existing credit obligations, redeem convertible debentures, pay transaction fees and provide working capital. The company has also established an additional $100 million uncommitted accordion facility, subject to lender agreement and customary conditions.

"This agreement reflects the successful execution of a deliberate plan to reposition this company for sustained growth," said Chuck Myers, Chief Executive Officer. "Roughly a year ago, we committed to three objectives: returning to profitability, strengthening the balance sheet, and unlocking the next phase of both organic and inorganic growth."

Thomas Steiglehner, Head of U.S. Private Credit Investments at BTG Pactual Global Alternatives, stated the firm is "excited to work with Quarterhill and provide the Company with a flexible, long-term source of capital to support its growth strategy."

ATB Cormark Capital Markets and Roth Canada served as exclusive advisors for the credit facility arrangement.

Quarterhill provides tolling and enforcement solutions in the Intelligent Transportation System industry. The Toronto-based company processes billions of transactions annually and performs compliance inspections on millions of commercial vehicles.

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