VIQ Solutions Inc. (“VIQ”, “VIQ Solutions” or the “Company”) (TSX: VQS), a global provider of secure, AI-driven, digital voice and video capture technology and transcription services, today announces that it has entered into an eighth amendment agreement (the “Eighth Amendment Agreement”) with Beedie Investments Ltd. (the “Lender”) in order to amend certain terms of the credit agreement dated January 13, 2023 between the Company and the Lender, as amended, (the “Credit Agreement”) governing the Company’s US$15,000,000 senior secured loan with the Lender (the “Original Loan”) as well as a US$1,500,000 term loan with the Lender, of which US$1,250,000 has been drawn (the “Bridge Loan”). The Eighth Amendment Agreement is designed to support the Company’s recapitalization and long-term business objectives.
Pursuant to the Eighth Amendment Agreement, the Company has established a Finance Committee to lead a targeted refinancing of its obligations under the Original Loan and Bridge Loan by April 30, 2026 (the “Refinancing Period”). Building on sustained positive adjusted EBITDA momentum, this initiative reflects the Company’s commitment to strengthening the balance sheet, reducing leverage, and enhancing long-term financial flexibility as it advances toward its next phase of growth. Subject to the continued satisfaction of certain revised financial covenants, the Eighth Amendment Agreement provides that the Lender will not demand or accelerate the repayment of indebtedness outstanding under the Original Loan and the Bridge Loan during the Refinancing Period.
The Lender is a “related party” of the Company as such term is defined under applicable securities laws and, as a result, the entering into the Eighth Amendment Agreement is considered a related party transaction (as defined under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”)). The Company has relied on certain exemptions from the requirement to obtain a formal valuation and minority shareholder approval, namely sections 5.5(a) and 5.7(1)(a) of MI 61-101, as neither the fair market value of the subject matter of, nor the fair market value of the consideration for the Eighth Amendment Agreement exceeds 25% of the Company’s market capitalization.
A copy of the Credit Agreement is available, and a copy of the Eighth Amendment Agreement will be available, under the Company’s profile on SEDAR+ at www.sedarplus.ca.The post VIQ Solutions Announces Amendments to Credit Agreement first appeared on AI-Tech Park.