![]() | CIBC Completes $50 Million Financing of Hootsuite Inc. |
2018
Areas | Banking and Finance Law |
Summary
In the first major financing for CIBC’s Innovation Banking division that was newly created and aimed at providing a Canadian-based financing source to serve the technology sector in Canada, Hootsuite Inc. and its affiliates signed a credit agreement to provide up to US$50 million in secured credit facilities, which the company plans to use for future expansion purposes. This was the first major financing for CIBC’s Innovation Banking division, and a positive development for a Canadian bank to compete in a sector that has been traditionally served by non-Canadian lenders.