KORE reports Q3 revenue growth, refinances with $185M term loan and $150M preferred investment from Searchlight

KORE Group Holdings, Inc.

Q3 revenue $68.6M, up from $66.1M YoY; IoT Connectivity revenue grew 27%, organic high single digits.
New $185M term loan from Whitehorse Capital at SOFR+650bps; first lien leverage reduced to 3.2x TTM EBITDA from 5.2x.
$150M preferred stock investment from Searchlight affiliate with 13% PIK dividend; total leverage reduced to 5.3x from 7.3x.
Issued 10-year penny warrants to purchase 11.8M shares of common stock to Searchlight.

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Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

KORE Group Holdings, Inc. reported the quarter ended September 30, 2023 results: revenue $68.6 million.

Period: the quarter ended September 30, 2023
Revenue: $68.6 million
Result: reported results

Exact text from the filing

total revenue of $68.6 million versus $66.1 million in the third quarter of 2022

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

KORE Group Holdings, Inc. entered into Investment Agreement with Searchlight IV KOR, L.P. valued at $150,000,000 (effective 2023-11-09).

Action: entry
Agreement: equity purchase
Counterparty: Searchlight IV KOR, L.P.
Value: $150,000,000
Effective: 2023-11-09

Exact text from the filing

On November 9, 2023, KORE Group Holdings, Inc., a Delaware corporation (“ KORE ”), entered into an Investment Agreement (the “ Investment Agreement ”) with Searchlight IV KOR, L.P., a Delaware limited partnership affiliated with Searchlight Capital Partners, L.P. (the “ Purchaser ”).

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KORE Group Holdings, Inc. filing history →

Source: SEC EDGAR

accession 0001193125-23-274584

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