Airspan Networks Holdings, a provider of ground-breaking, disruptive software and hardware for 5G networks and a pioneer in end-to-end Open RAN solutions, entered into a new financing agreement with affiliates of Fortress Investment Group. Under the agreement Airspan amended and restated the terms of its credit agreement with Fortress and certain other lenders to establish a new delayed draw term loan of $25 million. In connection with the amendment and restatement, Airspan agreed to issue the lenders new common stock warrants to purchase 5,912,040 shares of our common stock at an exercise price of $0.01 per share.
Airspan also modified the terms of its senior secured convertible notes to increase the principal amount to $52.5 million and increase the interest rate to 10%.
“We are continuing to make necessary changes to our operating model to focus the company and position it for the future,” Eric Stonestrom, executive chairman of Airspan said. “The Mimosa divestiture and debt restructuring provides the funding and sets the company up for its next phase of growth.”
