iLearningEngines secures $20M incremental funding

iLearningEngines has entered into a First Amendment to Loan and Security Agreement with the involved financial institutions and East West Bank, as administrative agent and collateral agent for the Lenders, which amends the existing Loan and Security Agreement, dated April 17, 2024, between iLearningEngines’ wholly owned subsidiary, iLearningEngines Holdings, the Lenders and East West Bank. The purpose of the Amendment is to, among other things, secure an incremental $20 million in funding. On April 17, 2024, iLE Holdings entered into the Loan Agreement which included a new senior secured revolving credit facility in a principal amount of up to $40 million, which was fully drawn at the time of closing. The Revolving Facility also provided for an uncommitted accordion allowing iLE Holdings to increase the revolving commitments by an additional principal amount of $20 million at iLE Holdings’ option and upon Lender’s approval. iLearningEngines is announcing today that the full $20 million accordion was drawn on June 28, 2024, and that Valley National Bank was added to the syndicate along with East West Bank. The Revolving Facility has a term of 3 years and outstanding loans under the Revolving Facility bear interest at a rate equal to the Adjusted Term SOFR rate plus 3.50% per annum, subject to an Adjusted Term SOFR floor of 4.00%.