The debt consolidation was entered by the Toronto, Ont.-based company this month. Quisitive assumed the debt in 2019 in its purchase of resellers Corporate Renaissance Group Inc. and Menlo Technologies. The Loan agreement with a bank, whose name was not disclosed, provides for a $16.1 million five-year term loan and a revolving operating line of credit of up to $5 million. Proceeds for the term loan were used to refinance and retire existing debt with Gibeon LLC and lenders that advanced the funds. Quisitive converted $47 million in convertible debentures, issued as part of the purchase of Menlo Technologies on January 2, into 32,025,800 Quisitive common shares.
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QUISITIVE CONSOLIDATES DEBT Featured
Dynamics reseller Quisitive Technology Solutions expects to reduce interest expense by more than $1.5 million annually. That savings stems from the debt consolidation and a note conversion announced on July 2.
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