TD Bank provided ProntoForms, a provider in field-focused low-code application platforms for enterprise, with a revolving credit facility for up to C$6 million ($4.52 million) with a two-year commitment renewable annually.
The facility was partially used to settle ProntoForm’s obligations to BDC Capital, a wholly-owned subsidiary of the Business Development Bank of Canada.
On Oct. 29, 2020, warrants to purchase 4,350,000 common shares of the company were exercised for proceeds of C$1,957,500 ($1,472,623.86).
“We are pleased to have secured a new senior credit facility with TD. This new arrangement reflects the value that has been built in our growing — and increasingly enterprise — recurring revenue base. This facility provides access to lower-cost capital to settle our existing obligations of approximately CAD $4.2 million to BDCC and additional capacity for general use if needed. BDCC has been with us since our early stages and we appreciate their support over the last 8 years. We look forward to working with TD as we approach our next stage of growth,” Dave Croucher, CFO of ProntoForms, said.
