An anonymous director reports

TUCOWS INC. ANNOUNCES NEW CREDIT FACILITY WITH BANK OF MONTREAL

On Sept. 22, 2023, Tucows Inc. and its wholly owned subsidiaries entered into a new credit agreement with Bank of Montreal (BMO) as administrative agent, which provides for a revolving credit facility of up to $240-million, with an accordion for $60-million. The new credit agreement replaces the existing third amended and restated credit agreement with Royal Bank of Canada (RBC), with the new credit facility set to expire on Sept. 22, 2026, marking the third anniversary of the effective date of the agreement.

The new credit agreement involves several key terms and provisions with slightly better borrowing costs and leverage covenants that provide further stability for the next three years to Tucows's financial position and to support its growth initiatives.

Tucows is excited about this strategic partnership with BMO and the other members of the syndicate, including TD Bank, Bank of Nova Scotia, CIBC, National Bank of Canada, Business Development Bank of Canada and HSBC Bank Canada.

The credit agreement also contains customary representations and warranties, affirmative and negative covenants, and events of default. Tucows is committed to maintaining specific financial covenants, including leverage and interest coverage ratios.

In connection with entering into the credit agreement, Tucows has paid off the principal balance, including accrued interest, of the revolving loans outstanding under the third amended and restated credit agreement with Sept. 22, 2026. Tucows thanks RBC for its support during the past four years.

For more information, please refer to the credit agreement filed in Tucows's 8K on Sept. 25, 2023.

About Tucows Inc.

Tucows helps connect more people to the benefit of Internet access through communications service technology, domain services and fibre optic internet infrastructure. Ting delivers fixed fibre Internet access with outstanding customer support. Wavelo is a telecommunications software suite for service providers that simplifies the management of mobile and Internet network access; provisioning, billing and subscription; developer tools; and more. Tucows Domains manages approximately 24 million domain names and millions of value-added services through a global reseller network of over 35,000 web hosts and ISPs (Internet service providers). Hover makes it easy for individuals and small businesses to manage their domain names and e-mail addresses.

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