Inseego Voluntarily Pays-Off And Terminates Asset-Backed Loan Facility To Improve Capital Structure Flexibility And Meaningfully Reduce Financing Costs
Inseego Voluntarily Pays-Off And Terminates Asset-Backed Loan Facility To Improve Capital Structure Flexibility And Meaningfully Reduce Financing Costs
Elimination of restrictive borrowing facility provides for more efficient debt capacity and cash management
取消限制性借貸機制可以提高債務能力和現金管理的效率
Inseego Corp. (NASDAQ:INSG) (the "Company"), a technology leader in 5G mobile and fixed wireless solutions for mobile network operators, Fortune 500 enterprises, and SMBs, announced today that as a result of its improving liquidity position and financial results, the Company exercised its right to voluntarily pay-off and terminate its asset-backed loan facility (the "ABL Facility") with Siena Lending Group ("Siena").
爲移動網絡運營商、財富500強企業和中小型企業提供5G移動和固定無線解決方案的技術領導者Inseego Corp.（納斯達克股票代碼：INSG）（“公司”）今天宣佈，由於其流動性狀況和財務業績的改善，該公司行使了自願還清和終止其與錫耶納貸款集團（“錫耶納”）的資產支持貸款額度（“ABL基金”）的權利。
On a monthly basis, the Company has been required by the terms of the ABL Facility to pay fees and interest expense on a principal amount of $8.5 million, irrespective of the amount of funds actually borrowed by the Company under the ABL Facility. During 2023, for example, the Company incurred interest expense and fees related to the ABL Facility of $1.9 million.
ABL融資機制的條款要求公司按月支付費用和利息支出，本金爲850萬美元，無論公司在ABL貸款下實際借入的資金金額是多少。例如，在2023年，公司產生的利息支出和與ABL貸款相關的費用爲190萬美元。
With the pay-off and termination of the ABL Facility, the Company will have no loan balance outstanding and incur no interest expense under the facility going forward; further, the lien on all of the Company's assets associated with the ABL Facility will be released.
隨着ABL融資機制的還清和終止，公司今後將沒有未償還的貸款餘額，也不會產生任何利息支出；此外，公司與ABL融資機制相關的所有資產的留置權將被解除。
As a result of the Company's improvements in revenue growth and financial performance, and the favorable trend in cash management, the Company believes it has the needed liquidity going forward to meet its working capital needs.
由於公司收入增長和財務業績的改善，以及現金管理的良好趨勢，該公司認爲未來擁有滿足其營運資金需求所需的流動性。
During the week of April 15, 2024, the Company notified Siena and paid the outstanding balance and related termination fees on the ABL Facility of approximately $3.0 million. The Company will also be required to pay an exit fee in the aggregate amount of $400,000 to South Ocean Funding, LLC and North Sound Ventures, LP (collectively, the "Participants") as a result of the early redemption of the Participants' $4.0 million last-out subordinated participation interest in the Loan and Security Agreement pursuant to a Participation Agreement between the Participants and Siena Lending Group. South Ocean Funding, LLC is an affiliate of Golden Harbor, Ltd. and North Sound Ventures, LP is an affiliate of North Sound Management, Inc. As of the date hereof, each of Golden Harbor, Ltd. and North Sound Management, Inc. are beneficial owners of in excess of 5% of the Company's outstanding common stock. James Avery, a member of the Company's Board of Directors, currently serves as Senior Managing Director of Tavistock Group, an affiliate of South Ocean Funding, LLC.
在2024年4月15日這一週內，公司通知了錫耶納，並支付了ABL貸款的未清餘額和相關終止費約300萬美元。根據參與者與錫耶納貸款集團之間的參與協議，公司還必須向南洋基金有限責任公司和North Sound Ventures, LP（統稱爲 “參與者”）支付總額爲40萬美元的退出費，這是因爲參與者提前贖回了貸款和擔保協議中最後一筆400萬美元的次級參與權益。South Ocean Funding, LLC是金港有限公司的子公司，North Sound Ventures, LP是North Sound Management, Inc.的子公司。截至本文發佈之日，Golden Harbor, Ltd.和North Sound Management, Inc.均爲該公司超過5％的已發行普通股的受益所有人。詹姆斯·艾弗裏是公司董事會成員，目前擔任南海基金有限責任公司的子公司塔維斯托克集團的高級董事總經理。
譯文內容由第三人軟體翻譯。