Urgent.ly, a U.S.-based provider of digital roadside and mobility assistance technology and services, reached an agreement with its lenders on a short-term extension to its term loan agreements while it continues to work toward longer-term extensions.
Urgent.ly has agreed with its first lien lenders, among other things, to permit the partial prepayment of its first lien term loans in an aggregate principal amount equal to $3 million, together with certain fees applicable thereto, and to a short-term extension of the maturity date of such term loans until Feb. 1, 2025. Urgent.ly has agreed with its second lien lenders, among other things, to a short-term extension of its second lien term loans until March 3, 2025.
“We are pleased to have announced the short-term extensions of the maturity dates of our debt facilities as we continue to have constructive discussions with our lenders to finalize longer-term extensions over the coming weeks,” Tim Huffmyer, chief financial officer of Urgent.ly, said. “The short-term extensions are consistent with our goals of reducing our debt and improving our capital structure. We are also advancing discussions with lenders to refinance our existing debt facilities and/or enter into a new debt facility.”
