Thursday, August 24, 2017

Inseego Gets $48M In Refinancing Funding

San Diego-based Inseego Corp., the company which is behind the MiFi wireless products, and also offers up fleet telematics, asset tracking and monitoring, and related products, said this morning that it has raised $48.0M in a term loan, from High Bridge Capital Management. The company said the loan has a maturity rate of August 23, 2020, and has a rate per annum equal to LIBOR, but in no event less than 1.00%, plus 7.625%. Inseego is in the midst of a major restructuring, a as a result of the failed sale of its MiFi wireless products to a Chinese company earlier this year. Inseego said it exchanged $14.9M in existing, Convertible Notes into $11.9M of the new term loan, and 2.0 million shares of its company stock.

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