RBC Upsizes Tellza Facility, Reduces Rate
Tellza Communications announced it has come to terms with its senior lender, Royal Bank of Canada, to increase its credit facility from $3.5 million to $50 million.
In conjunction with the increase, Tellza also said the bank reduced the interest rate to the bank base rate plus 2.25%. The credit facility will continue to be secured by a first charge over all of the assets of Tellza and advances are subject to the availability of applicable security.
“Our banker has agreed to expand our borrowing facility and reduced our cost of borrowing to reflect the progress that Tellza continues to make with its growth and profits plans,” said Gary Clifford, executive chairman. “Our business growth requires additional working capital and the most effective cost of capital for Tellza is senior borrowings.”
Toronto, ON-based Tellza is a global communications company operating under several brands including Route Dynamix, Phonetime, Tel3, MatchCom, and Tellza Technologies.