Appgate, Inc.: debt financing — Appgate amends note agreement; lender gets budget veto; issues $4M in additional notes

Appgate, Inc.

Magnetar obtains sole discretion to approve cash spending budget for Appgate and subsidiaries.
Lenders purchased $4.0M of Additional Notes on Jan 11, 2024 under existing A&R Note Purchase Agreement.
Amendment restricts cash management; company must comply with Magnetar-approved budget.
$4M note issuance is unregistered, relying on Section 4(a)(2) exemption; notes convertible to common stock.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

Appgate, Inc. incurred convertible notes of $4,000,000 with Magnetar Financial LLC at Not specified maturing Not specified (under existing notes due 2026).

Instrument: convertible notes
Principal: $4,000,000
Counterparty: Magnetar Financial LLC
Rate: Not specified
Maturity: Not specified (under existing notes due 2026)
Event: incurrence

Exact text from the filing

On January 11, 2024, the Lenders exercised their option to purchase an aggregate amount of $4,000,000 of Additional Notes. As a result, Appgate received $4,000,000 in gross proceeds.

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Source: SEC EDGAR

accession 0001628280-24-001662

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