Urgently Enhances Financial Strategy with New $20 Million Credit
Urgently Inc. Secures New Financing to Improve Capital Structure
Urgently Inc. (NASDAQ: ULY), a prominent player in the digital roadside and mobility assistance sector, has announced pivotal changes to its financial structure. They have reached a significant agreement with lenders that will improve their capital dynamics. The company has established a new asset-based revolving credit facility providing up to $20 million through MidCap Financial. This financing will be instrumental in addressing outstanding debts to existing first lien lenders.
Transforming the Roadside Assistance Landscape
As part of its mission, Urgently aims to redefine the traditional roadside assistance model while paving the way for innovative connected mobility assistance services across various sectors, including automotive and insurance. The new credit arrangement will not only facilitate debt repayment but also bolster Urgently's ongoing efforts to enhance service offerings for logistics and technology transportation companies.
Insights from Company Leadership
Tim Huffmyer, Urgently’s Chief Financial Officer, shared his enthusiasm regarding the new credit facility. He stated, "We are pleased to have announced our new credit facility, along with the repayment of substantial debt to our current lenders. This facility will underpin our business operations as we strive to reshape the legacy roadside assistance market." His confidence is shared by others within the financial community, including Garrett Fletcher from MidCap Financial, who praised Urgently’s efforts and success in enhancing consumer roadside experiences.
Strategic Partnerships Enhance Financial Stability
Funds overseen by Highbridge Capital Management, Onex Credit, and Whitebox Advisors have also shown their confidence in Urgently. These entities have opted to defer certain fee repayments under existing second lien arrangements in exchange for the issuance of shares and an extension of their term loans until July 2026. Matt Booth, the CEO of Urgently, expressed gratitude for this ongoing support, emphasizing the mutual trust established with financial and automotive partners.
About Urgently and Its Vision
Urgently is dedicated to ensuring safe and seamless travel for drivers. Armed with a next-generation digitally native platform, it integrates location-based services, real-time data, AI, and machine-to-machine communication to improve roadside assistance solutions for key players across the automotive landscape. Their innovative approach not only meets the demand for connected services but also enhances consumer satisfaction and brand loyalty.
The Role of MidCap Financial
MidCap Financial stands as a crucial ally for Urgently, providing tailored debt solutions aimed at fostering growth. As a middle-market-focused finance firm, MidCap has amassed an impressive portfolio, managing over $53 billion in commitments. Their partnership illustrates the synergy between their investment strategies and Urgently's ambitious objectives in the mobility assistance arena.
Frequently Asked Questions
What significant changes has Urgently implemented recently?
Urgently has secured a new $20 million credit facility to improve its capital structure and advance its services in the mobility assistance market.
How will the new financing impact Urgently's operations?
The financing will facilitate debt repayment and support Urgently's initiatives to enhance and innovate its roadside assistance services.
Who are Urgently’s key partners in this financial strategy?
MidCap Financial and funds managed by Highbridge Capital Management, Onex Credit, and Whitebox Advisors are critical partners in this financing strategy.
What strategic goals does Urgently have following this financing?
Urgently aims to transform the roadside assistance market and develop advanced connected mobility services for various industries.
How does Urgently enhance customer experience in mobility services?
The company utilizes technology, real-time data, and AI to deliver effective roadside assistance, ensuring high customer satisfaction and loyalty.
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