Inseego Secures Refinancing

Inseego, a provider of wireless technologies, said Thursday it has entered into a credit agreement with certain funds managed by Highbridge Capital Management for a $48 million term loan. The term loan will bear interest at a rate of LIBOR, subject to a 1% floor, plus 7.6%.

The company used a portion of the proceeds to repay indebtedness under its previous senior credit agreement due 2018. Also as part of the deal, the company exchanged approximately $14.9 million of existing convertible notes due 2022 into $11.9 million of the new term loan and 2 million shares of the company’s common stock.

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