Urgently Announces Short-Term Extensions of Term Loans
Urgently (Nasdaq: ULY), a leading U.S. digital roadside and mobility assistance technology provider, has secured short-term extensions for its term loan agreements. The company has negotiated with its first lien lenders to extend the maturity date to February 15, 2025, while the second lien term loans have been extended to March 17, 2025.
According to CFO Tim Huffmyer, these extensions align with the company's objectives of debt reduction and capital structure improvement, as Urgently continues discussions with lenders to refinance existing debt facilities.
Urgently (Nasdaq: ULY), un importante fornitore statunitense di tecnologia per assistenza stradale digitale e mobilità, ha ottenuto estensioni a breve termine per i suoi accordi di prestito a termine. L'azienda ha negoziato con i suoi creditori di primo grado per estendere la data di scadenza al 15 febbraio 2025, mentre i prestiti a termine di secondo grado sono stati estesi al 17 marzo 2025.
Secondo il CFO Tim Huffmyer, queste estensioni sono in linea con gli obiettivi dell'azienda di riduzione del debito e miglioramento della struttura di capitale, poiché Urgently continua i colloqui con i creditori per rifinanziare le strutture di debito esistenti.
Urgently (Nasdaq: ULY), un destacado proveedor estadounidense de tecnología de asistencia en carretera digital y movilidad, ha conseguido extensiones a corto plazo para sus acuerdos de préstamo a plazo. La empresa ha negociado con sus prestamistas de primer grado para extender la fecha de vencimiento al 15 de febrero de 2025, mientras que los préstamos a plazo de segundo grado se han extendido al 17 de marzo de 2025.
Según el CFO Tim Huffmyer, estas extensiones están alineadas con los objetivos de la empresa de reducción de deuda y mejora de la estructura de capital, mientras Urgently continúa las conversaciones con los prestamistas para refinanciar las facilidades de deuda existentes.
Urgently (Nasdaq: ULY)는 미국의 선도적인 디지털 도로 및 이동 지원 기술 제공업체로, 단기 대출 계약의 연장을 확보했습니다. 이 회사는 첫 번째 담보권 대출자와 협상하여 만기일을 2025년 2월 15일로 연장했으며, 두 번째 담보 대출은 2025년 3월 17일로 연장되었습니다.
이 회사의 CFO인 팀 허프마이어(Tim Huffmyer)에 따르면, 이러한 연장은 회사의 부채 감소 및 자본 구조 개선 목표와 일치하며, Urgently는 기존 부채 시설을 재융자하기 위해 대출자와 계속 논의 중입니다.
Urgently (Nasdaq: ULY), un fournisseur américain de premier plan en matière de technologie d'assistance routière numérique et de mobilité, a obtenu des prolongations à court terme pour ses accords de prêt à terme. L'entreprise a négocié avec ses prêteurs de premier rang pour prolonger la date d'échéance au 15 février 2025, tandis que les prêts à terme de second rang ont été prolongés jusqu'au 17 mars 2025.
Selon le CFO Tim Huffmyer, ces prolongations sont alignées avec les objectifs de l'entreprise de réduction de la dette et d'amélioration de la structure du capital, alors qu'Urgently continue ses discussions avec les prêteurs pour refinancer les facilités de crédit existantes.
Urgently (Nasdaq: ULY), ein führender US-Anbieter von digitaler Pannenhilfe und Mobilitätstechnologie, hat kurzfristige Verlängerungen für seine Darlehensverträge erhalten. Das Unternehmen hat mit seinen vorrangigen Gläubigern verhandelt, um das Fälligkeitsdatum auf den 15. Februar 2025 zu verlängern, während die nachrangigen Terminkredite auf den 17. März 2025 verlängert wurden.
Laut CFO Tim Huffmyer entsprechen diese Verlängerungen den Zielen des Unternehmens zur Schuldenreduzierung und Verbesserung der Kapitalstruktur, da Urgently weiterhin Gespräche mit den Gläubigern führt, um bestehende Schuldeneinrichtungen umzuschulden.
- Successfully negotiated short-term debt extensions with lenders
- Company actively working on debt refinancing and capital structure improvements
- Short-term nature of extensions (only until Feb/March 2025) indicates potential financing pressure
- Multiple layers of debt (first and second lien) suggest significant leverage
- Need for refinancing indicates possible financial strain
Insights
The announced loan extensions reveal concerning signs about Urgently's financial position and debt management strategy. With a market capitalization of only
The staggered extension dates between first and second lien loans are particularly noteworthy. First lien holders, who have priority claim on assets, have granted only a 15-day extension, suggesting heightened caution and potentially difficult refinancing negotiations. The longer extension for second lien debt (45 days) may indicate a more complex restructuring process in progress.
Several critical factors warrant investor attention:
- The extremely short extension periods suggest lenders are maintaining tight control over the restructuring process
- The company's small market cap relative to its debt obligations raises questions about its ability to service existing debt
- The CFO's statement about "reducing debt" implies potential dilutive refinancing or asset sales may be necessary
- The timing and urgency of these extensions indicate alternatives and reduced negotiating power with lenders
This situation often precedes more substantial capital structure changes that could significantly impact existing shareholders. While refinancing discussions are ongoing, the brief extension windows suggest lenders are maintaining significant pressure on the company to quickly resolve its debt situation.
Extensions support capital structure improvements and refinancing efforts
VIENNA, Va., Jan. 31, 2025 (GLOBE NEWSWIRE) -- Urgent.ly Inc. (Nasdaq: ULY) (“Urgently”), a U.S.-based leading provider of digital roadside and mobility assistance technology and services, announced today that it has reached an agreement with its lenders on a short-term extension to its term loan agreements while it continues to work on overall capital structure improvements. Urgently has agreed with its first lien lenders, among other things, to a short-term extension of the maturity date of such term loans until February 15, 2025. Urgently has agreed with its second lien lenders, among other things, to a short-term extension of its second lien term loans until March 17, 2025.
“We are pleased to have announced the short-term extensions of the maturity dates of our debt facilities as we finalize discussions with our lenders to refinance our existing debt facilities,” said Tim Huffmyer, Chief Financial Officer of Urgently. “The short-term extensions are consistent with our goals of reducing our debt and improving our capital structure.”
About Urgently
Urgently is focused on helping everyone move safely, without disruption, by safeguarding drivers, promptly assisting their journey, and employing technology to proactively avert possible issues. The company’s digitally native software platform combines location-based services, real-time data, AI and machine-to-machine communication to power roadside assistance solutions for leading brands across automotive, insurance, telematics and other transportation-focused verticals. Urgently fulfills the demand for connected roadside assistance services, enabling its partners to deliver exceptional user experiences that drive high customer satisfaction and loyalty, by delivering innovative, transparent and exceptional connected mobility assistance experiences on a global scale. For more information, visit www.geturgently.com.
For media and investment inquiries, please contact:
Press: media@geturgently.com
Investor Relations: investorrelations@geturgently.com
Forward-Looking Statements
This press release contains or may contain “forward-looking statements” within the meaning of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended, which statements involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or Urgently’s future financial or operating performance. Such statements are based upon current plans, estimates and expectations of management of Urgently in light of historical results and trends, current conditions and potential future developments, and are subject to various risks and uncertainties that could cause actual results to differ materially from such statements. The inclusion of forward-looking statements should not be regarded as a representation that such plans, estimates and expectations will be achieved. Forward-looking terms such as “may,” “will,” “could,” “should,” “would,” “plan,” “potential,” “intend,” “anticipate,” “project,” “predict,” “target,” “believe,” “continue,” “estimate” or “expect” or the negative of these words or other words, terms and phrases of similar nature are often intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. All statements, other than historical facts, including, without limitation, statements regarding the Company’s intentions to reduce its debt and improve its capital structure, and statements regarding the Company’s ability to refinance its existing debt facilities, are based on the current assumptions of Urgently’s management and are neither promises nor guarantees, but involve a significant number of factors that may cause our actual performance or achievements to be materially different from any future performance or achievements stated or implied by the forward-looking statements. For factors that could cause actual results to differ materially from the forward-looking statements in this press release, please see the risks and uncertainties detailed in our filings with the Securities and Exchange Commission (“SEC”), including in our annual report on Form 10-K for the year ended December 31, 2023, which was filed with the SEC on March 29, 2024, our quarterly reports on Form 10-Q, including our quarterly report on Form 10-Q for the quarter ended September 30, 2024, which was filed with the SEC on November 13, 2024, and other filings and reports that we may file from time to time with the SEC. All forward-looking statements reflect Urgently’s beliefs and assumptions only as of the date of this press release. Urgently undertakes no obligation to update forward-looking statements to reflect future events or circumstances.
FAQ
What are the new maturity dates for Urgently's (ULY) term loans?
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