Quisitive Technology Solutions, a premier Microsoft solutions and payment solutions provider, executed a third amendment to its existing credit facility with a syndicate of institutions led by Bank of Montreal and including Desjardins Capital Markets that, among other things, provides for a new $9.5 million non-revolving, five-year term loan.
The proceeds from the new loan are expected to be used to fund earn-out obligations on previously completed acquisitions and for general corporate purposes. The new loan is repayable quarterly with interest consistent with the company’s existing rates on the credit facility based on a price grid. The new loan also provides for an increase of the company’s total senior debt to EBITDA covenant ratio to 3.25:1.00 through Dec. 31, 2022.
”The New Loan will enable us to preserve our cash position to protect against potential recessionary headwinds, to make further investments in the LedgerPay platform and to fund, in part, potential future acquisitions,” Scott Meriwether, CFO of Quisitive, said.