secwatch.observer — SEC 8-K summary
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Issuer:     TUCOWS INC /PA/ (TCX)
CIK:        0000909494
Form:       8-K
Filed at:   2023-09-25T23:59:59+00:00
Accession:  0001437749-23-026646
Event type: debt
Sentiment:  neutral
Materiality: 0.40
Item codes: 1.01, 1.02, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/909494/000143774923026646/0001437749-23-026646-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/909494/000143774923026646/tcx20230922_8k.htm
  HTML page:      https://secwatch.observer/filing/0001437749-23-026646

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