Powerfleet, Inc. (AIOT): debt financing — Powerfleet amends $85M credit facility; extends Term A maturity to March 2028

Powerfleet, Inc.

Term A Facility maturity extended by 12 months to March 31, 2028.
Term A interest: fixed rate until March 2027, then SOFR + 4.85% (if no default).
Consolidated net debt/EBITDA covenant: below 3.50 at Dec 2025, stepping to 2.50 thereafter.
EBITDA/finance cost ratio: above 3.00 from Sep 2025 to Sep 2026, above 3.50 thereafter.
Amendments conform to company's other RMB facility dated Sep 2024 (amended May 2025).

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

Powerfleet, Inc. amended term loan of $85 million with FirstRand Bank Limited (acting through its Rand Merchant Bank division) at 4.85% plus the applicable term SOFR reference rate maturing March 31, 2028.

Instrument: term loan
Principal: $85 million
Counterparty: FirstRand Bank Limited (acting through its Rand Merchant Bank division)
Rate: 4.85% plus the applicable term SOFR reference rate
Maturity: March 31, 2028
Event: amendment

Exact text from the filing

(acting through its Rand Merchant Bank division) (“RMB”), pursuant to which RMB agreed to provide the Company with two term loan facilities in an aggregate principal amount of $85 million, composed of two facilities in the aggregate principal amount of $42.5 million and $42.5 million, respectively (the “Term A Facility” and “Term B Facility,” respectively, and,

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Powerfleet, Inc. filing history →

Source: SEC EDGAR

accession 0001493152-25-021073

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