Inseego terminates ABL facility, pays ~$3M, eliminates $1.9M annual interest/fees

INSEEGO CORP.

Voluntarily paid off and terminated $8.5M asset-backed loan facility with Siena Lending Group.
Paid outstanding balance and termination fees of approx. $3.0M; plus $400K exit fee to participants.
Eliminates $1.9M in annual interest and fees incurred in 2023; no future interest expense on facility.
Lien on all company assets released; management cites improved liquidity and financial performance.
Participants include South Ocean Funding and North Sound Ventures, affiliates of >5% holders and board member.

item 1.02 item 7.01 item 9.01

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

INSEEGO CORP. terminated Loan and Security Agreement with Siena Lending Group LLC (effective 2024-04-18).

Action: termination
Agreement: credit facility
Counterparty: Siena Lending Group LLC
Effective: 2024-04-18

Exact text from the filing

Effective April 18, 2024, Inseego Corp. (the “Company”), exercised its right to voluntarily terminate the Loan and Security Agreement, dated as of August 5, 2022, by and among Siena Lending Group LLC, as lender (the “Lender”), Inseego Wireless, Inc. and Inseego North America LLC, as borrowers, and the Company, as guarantor (as amended, the “Loan and Security Agreement”).

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INSEEGO CORP. filing history →

Source: SEC EDGAR

accession 0001683168-24-002509

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