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Company secures new credit facility with CIBC Innovation Banking and Business Development Canada
VANCOUVER, British Columbia — Sierra Wireless, Inc. (NASDAQ: SWIR) (TSX: SW), a leading global provider of IoT solutions, today announced that it has entered into a credit agreement for a new debt financing with CIBC Innovation Banking as managing agent, and CIBC Innovation Banking and the Business Development Bank of Canada (BDC) as lenders. The new credit facility is for C$60 million and has a term of four years. The new facility will provide additional liquidity to the company’s balance sheet.
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About Sierra Wireless
Sierra Wireless (NASDAQ: SWIR) (TSX: SW) is a global IoT solutions provider that combines devices, network services and software to unlock value in the connected economy. Enterprises around the world are adopting 4G, 5G and LPWA solutions to improve operational efficiency, create better customer experiences, improve their business models and create new revenue streams. Sierra Wireless works with its customers to develop the right industry-specific solution for their IoT deployments, whether it’s an integrated solution to help connect edge devices to the cloud, a software/API service to manage processes with billions of connected assets, or a platform to extract real-time data to improve business decisions. With over 25 years of experience in cellular IoT, Sierra Wireless is the global partner customers trust to deliver their next IoT solution. For more information, visit www.sierrawireless.com .
Connect with Sierra Wireless on the IoT Blog at http://www.sierrawireless.com/iot-blog , on Twitter at @SierraWireless, on LinkedIn at https://www.linkedin.com/company/sierra-wireless and on YouTube at https://www.youtube.com/SierraWireless .
“Sierra Wireless” is a registered trademark of Sierra Wireless, Inc. Other product or service names mentioned herein may be the trademarks of their respective owners.
BDC is the bank for Canadian entrepreneurs. Its objective is to support small and medium-sized enterprises in all sectors and at all stages of growth. Whether business owners want to conquer new markets, make their operations more efficient, acquire another business or everything in between, BDC gives them access to financing and advisory services to meet their needs. BDC’s investment division, BDC Capital, offers a wide range of venture capital solutions. BDC supports underserved entrepreneurs and emerging industries to generate greater social and economic impact. BDC is also B Corp certified and actively contributes to the growth of a global movement of entrepreneurs who create inclusive and sustainable prosperity. For more information on BDC’s solutions and to view more than 1,000 free tools and articles, visit bdc.ca .
This press release contains forward-looking statements. When used in this press release, the words “plan”, “expect”, “believe” and similar expressions generally identify forward-looking statements. These statements reflect our current expectations but involve risks and uncertainties. These statements may relate to, among other things, plans and timing for introducing or improving our products and services, future market conditions, supply conditions, channel and end customer demand conditions, revenues, gross margins, operating expenses, profits and other expectations, intentions and plans that are not historical facts. These statements are subject to numerous risks and uncertainties surrounding our business and the markets in which we operate, including, but not limited to, changes in technology and market conditions and our ability to implement our strategy. and to successfully develop, manufacture and supply new products and services. . A more in-depth discussion of the risks and uncertainties facing Sierra Wireless is set forth in its Annual Information Form and in its MD&A and Discussion of Financial Condition and Results of Operations, which can be viewed on SEDAR at www.sedar.com and on EDGAR at www.sec.gov and in Sierra Wireless’ other regulatory filings with the Securities and Exchange Commission in the United States and provincial securities commissions in Canada. Due to these numerous risks and uncertainties, we cannot assure you that the forward-looking statements contained in this press release will materialize. Except as required by applicable securities laws, Sierra Wireless undertakes no obligation to publicly update or revise any forward-looking statements made herein or otherwise, whether as a result of new information, future events or otherwise.