Near Intelligence, Inc.: debt financing — Near Intelligence defaults on $100M term loan; forbearance expires May 20; going concern risk

Near Intelligence, Inc.

Failed to satisfy Junior Capital Financing Conditions and Liquidity covenants under Financing Agreement with Blue Torch Finance LLC.
Outstanding obligations $102.1M (excl. $5M deferred consent fee) as of May 10; interest rate increased by 2% per annum.
Entered forbearance agreements extending to May 20, 2023; Blue Torch may accelerate loans after forbearance ends.
Cross-default could trigger acceleration of $5.97M Convertible Debentures; substantial doubt about going concern if defaults are not cured.
Issued 3.87M shares to settle $9.34M in fees: $325K to Northland, $6M to Cantor Fitzgerald, $3.02M as deferred underwriting compensation.

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

Near Intelligence, Inc. reported a default on term loan of up to $100.0 million with Blue Torch Finance LLC at adjusted Term SOFR plus 9.75% (subject to a floor set at 3.891% as of the effect maturing November 4, 2026.

Instrument: term loan
Principal: up to $100.0 million
Counterparty: Blue Torch Finance LLC
Rate: adjusted Term SOFR plus 9.75% (subject to a floor set at 3.891% as of the effect
Maturity: November 4, 2026
Event: default

Exact text from the filing

Finance LLC, as administrative agent and collateral agent (“Blue Torch”). The Financing Agreement provides for senior secured term loans in an initial principal amount of up to $100.0 million and with interest accruing at a floating rate per annum equal to the adjusted Term SOFR plus 9.75% (subject to a floor set at 3.891% as of the effective date). Interest is

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Source: SEC EDGAR

accession 0001213900-23-039755

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