TORONTO, ONTARIO — AirIQ Inc., a telematics industry provider, announced on April 25 that it has entered into a $C10 million credit facility with Royal Bank of Canada. The funds will be used for corporate purposes and to repay all amounts owing under the company’s current secured term loan debts, which totals approximately $C5 million. The funds drawn on the 364-day non-revolving credit facility will bear interest at varying margins based on Royal Bank of Canada’s Canadian prime rate, United States base rate, or banker’s acceptance reference rate and will be secured by a general security agreement and first priority mortgage over all of the assets of the company.

Originally posted on Fleet Financials