TORONTO, June 30, 2020 /CNW/ - TeraGo Inc. ("TeraGo" or the "Company") (TSX: TGO, www.terago.ca), today announced that an amended and restated credit agreement (the "Credit Agreement") was entered into between TeraGo Networks Inc., the Company, as guarantor, and each of Royal Bank of Canada ("RBC", as new administrative agent and lead lender) and The Toronto-Dominion Bank ("TD"). National Bank of Canada has ceased to be administrative agent and a lender to TeraGo, and has assigned its rights and obligations to RBC, in its capacity as administrative agent under the Credit Agreement.

The parties to the Credit Agreement agreed, among other things, to extend the maturity date from June 14, 2021 to June 30, 2022. The new facilities under the Credit Agreement total $35.0M, comprising of a $30.0M non-revolving term facility and a $5.0M revolving operating credit facility.

The covenants and other terms and conditions under the Credit Agreement were substantially carried over from the existing credit agreement.

"We are pleased to further strengthen our borrowing relationship with RBC and TD", says Tony Ciciretto, President and CEO of TeraGo. "The extension and amendment of our Credit Agreement gives us the financial support and flexibility we need to execute on our near to mid-term business plans."

About TeraGo

TeraGo owns a national spectrum portfolio of exclusive 24GHz and 38GHz wide-area spectrum licences, 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.

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