TORONTO,
June 21,
2021 /CNW/ - TeraGo Inc. ("TeraGo" or the
"Company") (TSX: TGO) (www.terago.ca), today announced
that an amending agreement (the "Amending Agreement") was
entered into between TeraGo Networks Inc., the Company (as
guarantor), and each of Royal Bank of Canada and The Toronto-Dominion Bank to
further amend the previously executed credit agreement dated
June 30, 2020 (the "Credit
Agreement") between the parties. The parties agreed, among
other things, to extend the maturity date of the Credit Agreement
from June 30, 2022 to June 30, 2023.
As part of the Amending Agreement, TeraGo Networks will make a
lump sum principal repayment to its term facility, which will
reduce its borrowings under such facility to $22.5 million on June 30,
2021.
The existing covenants and other terms and conditions under the
Credit Agreement were substantially carried over for the
extension.
About TeraGo
TeraGo owns a national spectrum portfolio
of exclusive 24 GHz and 38 GHz wide-area spectrum licenses
including 2,120 MHz of spectrum across Canada's 6 largest cities. TeraGo provides
businesses across Canada with
cloud, colocation and connectivity services. TeraGo manages over
3,000 cloud workloads, operates five data centres in the
Greater Toronto Area, the
Greater Vancouver Area, and
Kelowna, and owns and manages its
own IP network. The Company serves business customers in major
markets across Canada including
Toronto, Montreal, Calgary, Edmonton, Vancouver, Ottawa and Winnipeg. For more information about TeraGo,
please visit www.terago.ca.
SOURCE TeraGo Inc.