Nightingale Informatix refinances senior debt and issues convertible debenture

March 31, 2016

On March 31, 2016, Nightingale Informatix Corporation (TSXV: NGH), a cloud-based provider of electronic health record (EHR) software and related services, announced that it had completed the refinancing of its existing senior loan facility, pursuant to which an arm’s length institutional lender provided a non-revolving secured loan in the amount of $6 million to the company. This replaces the existing senior term loan that was held by entities associated with a former director who holds approximately 29.6% of the common shares of the company.

In connection with the refinancing, the company also issued to the lender, on a non-brokered private placement basis, a 10% Series C-2 secured subordinated convertible debenture in the aggregate principal amount of $1 million, which is governed by the existing indenture between the company and Equity Financial Trust Company, as trustee, and which has the same terms as the currently outstanding 10% Series C secured subordinated convertible debentures of the company, including a maturity date of September 30, 2016.

Miller Thomson advised the lender with respect to both the loan and convertible debenture with a team consisting of Tom Tower and David Reynolds.