Roadzen and Mizuho Agree To Extend Senior Debt Maturity by Full year to December 31, 2025
Roadzen Inc. (Nasdaq: RDZN) has reached an agreement with Mizuho Securities USA to extend the maturity date of its $11.5 million 15% senior secured notes by one year, to December 31, 2025. The extension is subject to negotiation of definitive agreements and satisfaction of conditions. The company sees this debt restructuring as important for achieving a valuation that reflects its potential, with CEO Rohan Malhotra highlighting Mizuho's support in converting short-term notes into long-term debt.
Roadzen Inc. (Nasdaq: RDZN) ha raggiunto un accordo con Mizuho Securities USA per estendere la data di scadenza dei suoi note senior garantiti al 15% da 11,5 milioni di dollari di un anno, fino al 31 dicembre 2025. L'estensione è soggetta alla negoziazione di accordi definitivi e alla soddisfazione di determinate condizioni. L'azienda considera questa ristrutturazione del debito come fondamentale per raggiungere una valutazione che rifletta il suo potenziale, con il CEO Rohan Malhotra che sottolinea il supporto di Mizuho nella conversione di note a breve termine in debito a lungo termine.
Roadzen Inc. (Nasdaq: RDZN) ha llegado a un acuerdo con Mizuho Securities USA para extender la fecha de vencimiento de sus notas senior garantizadas al 15% por 11,5 millones de dólares por un año, hasta el 31 de diciembre de 2025. La extensión está sujeta a la negociación de acuerdos definitivos y al cumplimiento de ciertas condiciones. La empresa ve esta reestructuración de la deuda como fundamental para alcanzar una valoración que refleje su potencial, con el CEO Rohan Malhotra destacando el apoyo de Mizuho en la conversión de notas a corto plazo en deuda a largo plazo.
로드젠 주식회사 (Nasdaq: RDZN)는 미즈호 증권 미국과 11.5백만 달러의 15% 선순위 담보 채권의 만기를 1년 연장하여 2025년 12월 31일로 조정하는 계약을 체결했습니다. 이 연장은 최종 계약의 협상 및 조건의 충족에 따라 달라집니다. 회사는 이 부채 구조 조정을 잠재력을 반영하는 가치 평가 달성을 위한 중요한 과정으로 여기고 있으며, CEO 로한 말호트라는 미즈호가 단기 채권을 장기 채무로 전환하는 데 도움을 주었다고 강조했습니다.
Roadzen Inc. (Nasdaq: RDZN) a conclu un accord avec Mizuho Securities USA pour prolonger la date d'échéance de ses obligations senior garanties à 15 % d'un montant de 11,5 millions de dollars d'un an, jusqu'au 31 décembre 2025. Cette prolongation est soumise à la négociation d'accords définitifs et à la satisfaction de certaines conditions. L'entreprise considère cette restructuration de la dette comme essentielle pour atteindre une évaluation qui reflète son potentiel, le PDG Rohan Malhotra soulignant le soutien de Mizuho dans la conversion des notes à court terme en dette à long terme.
Roadzen Inc. (Nasdaq: RDZN) hat eine Vereinbarung mit Mizuho Securities USA getroffen, um das Fälligkeitsdatum seiner 11,5 Millionen US-Dollar 15% Senior-gesicherten Anleihen um ein Jahr bis zum 31. Dezember 2025 zu verlängern. Die Verlängerung unterliegt der Verhandlung endgültiger Vereinbarungen und der Erfüllung bestimmter Bedingungen. Das Unternehmen sieht diese Schuldenumstrukturierung als wichtig an, um eine Bewertung zu erreichen, die sein Potenzial widerspiegelt, wobei CEO Rohan Malhotra die Unterstützung von Mizuho bei der Umwandlung kurzfristiger Anleihen in langfristige Schulden hervorhebt.
- Extension of $11.5M debt maturity by one year provides improved financial flexibility
- Conversion of short-term notes to long-term debt strengthens balance sheet structure
- High interest rate of 15% on senior secured notes indicates significant debt cost
- Extension agreement is still subject to final negotiations and conditions
Insights
NEW YORK, Dec. 12, 2024 (GLOBE NEWSWIRE) -- Roadzen Inc. (Nasdaq: RDZN) ("Roadzen" or the "Company"), a global leader in AI at the intersection of insurance and mobility, today announced that it has reached an agreement in principle with Mizuho Securities USA LLC, a leading global investment bank and securities firm, to extend the maturity date of its
“As Roadzen’s technology continues to gain market traction across the world, restructuring our balance sheet is crucial to achieving a valuation that truly reflects our potential,” said Rohan Malhotra, Roadzen’s founder & CEO. “We appreciate Mizuho’s continued support as they convert their short-term notes into long-term debt. It is very clear that Mizuho is a valued partner that shares our vision in recognizing the magnitude of Roadzen’s impact on the auto insurance industry, worldwide.”
About Roadzen Inc.
Roadzen Inc. (Nasdaq: RDZN) is a global technology company transforming auto insurance using advanced artificial intelligence (AI). Thousands of clients, from the world’s leading insurers, carmakers and fleets, to dealerships and auto insurance agents, use Roadzen’s technology to build new products, sell insurance, process claims, and improve road safety. Roadzen’s pioneering work in telematics, generative AI, and computer vision has earned Roadzen recognition as a top AI innovator by publications such as Forbes, Fortune and Financial Express. Roadzen’s mission is to continue advancing AI research at the intersection of mobility and insurance, ushering in a world where accidents are prevented, premiums are fair, and claims are processed within minutes, not weeks. Headquartered in Burlingame, California, the Company has 380 employees across its global offices in the U.S., India, U.K. and France. To learn more, please visit www.roadzen.ai.
Investor Contacts:
IR@roadzen.ai
Media Contacts:
Sanya Soni: sanya@roadzen.ai
Gutenberg: roadzen@thegutenberg.com
Cautionary Statement Regarding Forward Looking Statements
This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). We have based these forward-looking statements on our current expectations and projections about future events. These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions about us that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may,” “should,” “could,” “would,” “expect,” “plan,” “anticipate,” “believe,” “pipeline,” “leads,” “estimate,” and “continue,” or the negative of such terms or other similar expressions. Such statements include, but are not limited to, statements regarding the agreement in principal to extend our senior debt, as well as all other statements other than statements of historical fact included in this press release. Factors that might cause or contribute to such a discrepancy include, but are not limited to, those described in “Risk Factors” in our Securities and Exchange Commission (“SEC”) filings, including the definitive proxy statement/prospectus we filed with the SEC on August 14, 2023. We urge you to consider these factors, risks and uncertainties carefully in evaluating the forward-looking statements contained in this press release. All subsequent written or oral forward-looking statements attributable to our company or persons acting on our behalf are expressly qualified in their entirety by these cautionary statements. The forward-looking statements included in this press release are made only as of the date of this release. Except as expressly required by applicable securities law, we disclaim any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
FAQ
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