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TORONTO, June 24, 2021 /CNW/ - VerticalScope Holdings Inc.
("VerticalScope" or the "Company") (TSX: FORA)
announced today that it had entered into an amended and restated
credit agreement (such agreement, the "A&R Credit
Agreement"), amending and restating the Company's existing
credit agreement (the "Existing Credit Agreement") with
Capital One, National Association, as sole lead arranger, sole
bookrunner and administrative agent, and HSBC Bank Canada, National
Bank of Canada and Royal Bank of
Canada, as co-syndication agents.
The multi-tranche term loans under the Existing Credit Agreement
were restated into a single term loan tranche with a principal
amount of $50 million and the
revolving loan commitments under the Existing Credit Agreement were
increased to $75 million. The credit
facilities have been extended and now mature on June 24, 2026. The A&R Credit Agreement
contains representations and warranties, affirmative and negative
covenants and events of default, and is secured on a basis,
consistent in material respects with the Existing Credit
Agreement.
Kirkland & Ellis LLP acted as legal counsel to VerticalScope
and King & Spalding LLP acted as legal counsel to Capital One,
National Association.
About VerticalScope
Founded in 1999 and headquartered in Toronto, Ontario, VerticalScope is a
technology company that has built and operates a cloud-based
digital platform for online enthusiast communities in high-consumer
spending categories. VerticalScope's mission is to enable people
with common interests to connect, explore their passions and share
knowledge about the things they love. Through targeted
acquisitions and development, VerticalScope has built a portfolio
of over 1,200 online communities and more than 100 million monthly
active users. VerticalScope is listed on the Toronto Stock Exchange
(TSX: FORA).
Forward-Looking Statements
This news release may contain forward-looking information
within the meaning of applicable securities legislation that
reflects the Company's current expectations regarding future
events. Forward-looking information is based on a number of
assumptions and is subject to a number of risks and uncertainties,
many of which are beyond the Company's control. Such risks and
uncertainties include, but are not limited to, the factors
discussed under "Risk Factors" in the supplemented PREP prospectus
dated June 14, 2021. Actual results
could differ materially from those projected herein. VerticalScope
does not undertake any obligation to update such forward-looking
information, whether as a result of new information, future events
or otherwise, except as expressly required under applicable
securities laws.
SOURCE VerticalScope Inc.