PowerFleet subsidiaries refinance with $30M term loans and $20M revolver from Bank Hapoalim

Powerfleet, Inc.

Facility A $20M amortizes over 5 years; Facility B $10M due March 18, 2029.
Revolving facilities of $10M each available for one-month periods until March 18, 2025.
Interest rates: Facility A prime+2.2%, B prime+2.3%; Facility C NIS prime+2.5% or SOFR+2.15%.
Proceeds used to prepay prior term loans; remaining may be used for distributions.
Credit facilities secured by first-ranking charges on Pointer shares and assets, cross-guarantees.

Key facts

Extracted from this filing and checked against the source text.

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

Powerfleet, Inc. amended A&R Credit Agreement with Bank Hapoalim B.M. valued at aggregate principal amount of $30 million (effective 2024-03-18).

Action: amendment
Agreement: credit facility
Counterparty: Bank Hapoalim B.M.
Value: aggregate principal amount of $30 million
Effective: 2024-03-18

Exact text from the filing

On March 18, 2024, Powerfleet Israel Ltd. (“Powerfleet Israel”) and Pointer Telocation Ltd. (“Pointer” and, together with Powerfleet Israel, the “Borrowers”), each a wholly owned subsidiary of PowerFleet, Inc. (the “Company”), entered into an amended and restated credit agreement (the “A&R Credit Agreement”) with Bank Hapoalim B.M. (“Hapoalim”), which refinances the facilities under, and amends and restates, the existing credit agreement, dated August 19, 2019 (as amended, the “Prior Credit Agreement”).

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Powerfleet, Inc. filing history →

Source: SEC EDGAR

accession 0001493152-24-010980

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