---
schema_version: "secwatch.filing_event.v1"
accession: "0001437749-23-026646"
form_type: "8-K"
ticker: "TCX"
cik: "0000909494"
company_name: "TUCOWS INC /PA/"
filed_at: "2023-09-25T23:59:59+00:00"
generated_at: "2026-06-10T09:25:29.219470+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.4
calibrated_materiality_score: 0.4
confidence: "high"
source: SEC EDGAR
---

# Tucows enters $240M revolving credit facility with BMO, replacing RBC facility

## Summary
- New $240M revolving credit facility with Bank of Montreal as agent, matures September 22, 2026.
- Accordion feature allows up to $60M increase if Total Funded Debt to Adjusted EBITDA ratio <3.75:1.
- Interest margins and fees vary with leverage: base rate margins 0.25%-2.25%, SOFR/CDOR margins 1.50%-3.50%.
- Financial covenants: max leverage ratio 4.50:1 declining to 3.75:1; minimum interest coverage 3.00:1.
- Prior $240M RBC facility paid off and terminated upon receipt of backstop letters of credit from BMO.

## SEC filing metadata
- accession: 0001437749-23-026646
- form_type: 8-K
- ticker: TCX
- cik: 0000909494
- company_name: TUCOWS INC /PA/
- filed_at: 2023-09-25T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.4
- calibrated_materiality_score: 0.4
- confidence: high
- sec_items: 1.01, 1.02, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/909494/000143774923026646/0001437749-23-026646-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/909494/000143774923026646/tcx20230922_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001437749-23-026646
- JSON: https://secwatch.observer/filing/0001437749-23-026646.json
- Plain text: https://secwatch.observer/filing/0001437749-23-026646.txt

## Key facts
- Debt Financings
  TUCOWS INC /PA/ incurred credit facility of $240,000,000 revolving credit facility with Bank of Montreal at Based on Total Funded Debt to Adjusted EBITDA ratio tiers ranging from 1.50% to maturing September 22, 2026.
  - Instrument: credit facility
  - Principal: $240,000,000 revolving credit facility
  - Counterparty: Bank of Montreal
  - Rate: Based on Total Funded Debt to Adjusted EBITDA ratio tiers ranging from 1.50% to
  - Maturity: September 22, 2026
  - Event: incurrence
  source text: On September 22, 2023, Tucows Inc. (the “Company”) and its wholly owned subsidiaries, Tucows.com Co., Ting Inc., Tucows (Delaware) Inc., Wavelo, Inc. and Tucows (Emerald), LLC (each, a “Borrower” and together, the “Borrowers,” collectively with the Company, “Tucows”) and certain other subsidiaries of the Company, as guarantors, entered into a Credit Agreement (the “Credit Agreement”) with Bank of Montreal, as administrative agent (“BMO” or the “Agent”), and the lenders party thereto, to, among other things, provide the Borrowers with a revolving credit facility in an aggregate amount not to exceed $240,000,000 (the “Credit Facility”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/909494/000143774923026646/0001437749-23-026646-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.