Urgent.ly, a U.S.-based leading provider of digital roadside and mobility assistance technology and services, has reached an agreement with its lenders resulting in significant capital structure improvements.
Urgently has entered into a new credit agreement for an asset-based revolving credit facility for up to $20 million with MidCap Financial, which will be used to repay existing indebtedness to its first lien lenders and to help the company advance its mission to transform the legacy roadside assistance market and to develop and define the new market for connected mobility assistance services for automotive, insurance, fleet, logistics, new mobility and technology transportation companies.
“We are pleased to have announced our new credit facility, as well as the repayment of a significant amount of debt to our existing lenders,” Tim Huffmyer, chief financial officer of Urgently, said. “The new debt facility will support the business as we continue to transform the legacy roadside assistance market and to develop new connected mobility assistance services on a global scale. We appreciate MidCap Financial’s partnership and relationship-oriented approach.”
“Urgently is a leading mobility services platform that utilizes technology to improve the consumer roadside experience,” Garrett Fletcher, president of structured finance at MidCap Financial, said. “Given their continued improvement in financial performance, we are excited to partner with Urgently and support their ongoing efforts to capitalize and further strengthen their business.”
Certain funds managed by Highbridge Capital Management, Onex Credit and Whitebox Advisors have also agreed to forego the repayment of certain fees under the company’s second lien agreements in exchange for the issuance of 1,358,073 shares of Urgently’s common stock and an extension of its second lien term loans until July 31, 2026.
“We appreciate the support of Highbridge, Onex Credit and Whitebox Advisors as they extend their partnership with the Urgently team,” Matt Booth, CEO of Urgently, said. “Their continued support is indicative of the confidence that exists among leading financial, automotive, mobility and strategic investors in the strong business we’ve built. These capital structure improvements will allow us to strengthen our commitment to our partners, service providers and consumers, as we continue to transform the market with our market-leading digital platforms, products and solutions.”
Chardan served as exclusive financial advisor to Urgently to support the transaction.
