CalAmp Corp.: debt financing — CalAmp closes $45M term loan, lowers Q3 FY24 revenue guidance to $51-53M

CalAmp Corp.

Borrowed $45M from Lynrock Lake at SOFR+6.75%, matures Dec 2027; proceeds for general corporate purposes.
Amended Convertible Notes due 2025 to add equal-security interest (pari passu with term loan).
Now expects Q3 FY24 revenue $51-53M, cash ~$38M; cited headwinds in TSP segment and cost reduction initiatives.
Cost Reduction Program and strategic realignment announced to reduce breakeven point.
Q3 FY24 results to be announced in early January.

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Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

CalAmp Corp. incurred term loan of $45,000,000 with Lynrock Lake Master Fund LP at secured overnight financing rate (SOFR) plus 6.75% maturing December 15, 2027.

Instrument: term loan
Principal: $45,000,000
Counterparty: Lynrock Lake Master Fund LP
Rate: secured overnight financing rate (SOFR) plus 6.75%
Maturity: December 15, 2027
Event: incurrence

Exact text from the filing

the “Borrowers”), entered into a Credit Agreement (the “Credit Agreement”) with Lynrock Lake Master Fund LP (“Lynrock” or “Lender”) under which the Borrowers have borrowed $45,000,000 (the “Term Loan”). Amounts owing under the Credit Agreement are guaranteed by the Borrowers and certain existing and future subsidiaries of the Company, and will be secured by

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

CalAmp Corp. amended convertible notes with Lynrock Lake Master Fund LP.

Instrument: convertible notes
Counterparty: Lynrock Lake Master Fund LP
Event: amendment

Exact text from the filing

in favor of the holders of the Convertible Notes. The Convertible Notes will rank pari passu, or equal in right of payment, with the Term Loan.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

CalAmp Corp. updated its FY24 Q3 guidance (reaffirmed).

Period: FY24 Q3
Guidance: reaffirmed
Result: guidance update

Exact text from the filing

The Company issued a press release on December 18, 2023, updating its expectations with respect to financial results for FY24 Q3

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 1.0

CalAmp Corp. entered into Credit Agreement with Lynrock Lake Master Fund LP valued at $45,000,000 (effective 2023-12-15).

Action: entry
Agreement: credit facility
Counterparty: Lynrock Lake Master Fund LP
Value: $45,000,000
Effective: 2023-12-15

Exact text from the filing

On December 15, 2023, CalAmp Corp. (the “Company”) and two of its domestic subsidiaries, CalAmp Wireless Networks Corporation and Synovia Solutions LLC (together with the Company, the “Borrowers”), entered into a Credit Agreement (the “Credit Agreement”) with Lynrock Lake Master Fund LP (“Lynrock” or “Lender”) under which the Borrowers have borrowed $45,000,000 (the “Term Loan”).

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Source: SEC EDGAR

accession 0000950170-23-071120

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