On Friday evening, the company announced that it has "entered into a second lien secured term loan facility with a lender that provided $10 million of new funding to the Company at close. The new facility also provides for an additional $10 million in funding, subject to the completion of certain milestones in a process for the sale of the Company. Concurrently with the financing with the Lender, the Company entered into an amendment to its existing first lien debt facility with funds and accounts managed by BlackRock that, among other things, reduces the Company’s minimum liquidity covenant by $5 million. As part of the above transactions, approximately $32 million of the Company’s existing convertible notes previously held by the Lender have been exchanged into new loans secured by a second lien security interest in substantially all of the assets of the Company and its subsidiaries, and the Lender has been issued warrants to purchase 14 million shares of the Company’s outstanding common stock at an initial exercise price of $3.00 per share."
Published first on TheFly
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