Inseego Corp. (Nasdaq: INSG), a global provider of software-as-a-service (“SaaS”) and mobile broadband solutions for the Internet of Things (“IoT”), entered into a Credit Agreement with certain funds managed by Highbridge Capital Management, LLC on August 23, 2017, the company said.
Pursuant to the credit agreement, the lenders provided the company with a new term loan facility in the principal amount of USD 48.0 million (the “Loan”) with a maturity date of August 23, 2020.
The Loan will bear interest at a rate per annum equal to LIBOR, but in no event less than 1.00%, plus 7.625%. A portion of the proceeds from the Loan was used to repay all amounts outstanding under the company´s previous Senior Credit Agreement due May 8, 2018.
As part of the transaction, and included in the USD 48.0 million term loan, the company exchanged approximately USD 14.9 million of the existing Convertible Notes due 2022 into approximately USD 11.9 million of the new term loan facility and 2.0 million shares of the company´s common stock.
Inseego is a global provider of MiFiÂ®-branded intelligent wireless solutions for the worldwide mobile communications market and software-as-a-service (SaaS) and solutions for the Internet of Things (IoT).