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 loans. The company has negotiated with its first lien lenders to extend the maturity date until February 28, 2025, while the second lien term loans have been extended until March 31, 2025.
According to CFO Tim Huffmyer, the company is actively working with lenders to refinance existing debt facilities and improve its capital structure. These extensions are part of Urgently's ongoing efforts to enhance its financial position.
Urgently (Nasdaq: ULY), un importante fornitore statunitense di tecnologia per assistenza stradale digitale e mobilità, ha ottenuto estensioni a breve termine per i suoi prestiti a termine. L'azienda ha negoziato con i suoi creditori di primo grado per estendere la data di scadenza fino al 28 febbraio 2025, mentre i prestiti a termine di secondo grado sono stati estesi fino al 31 marzo 2025.
Secondo il CFO Tim Huffmyer, l'azienda sta lavorando attivamente con i creditori per rifinanziare le strutture di debito esistenti e migliorare la propria struttura di capitale. Queste estensioni fanno parte degli sforzi continui di Urgently per migliorare la propria posizione finanziaria.
Urgently (Nasdaq: ULY), un importante proveedor estadounidense de tecnología de asistencia en carretera digital y movilidad, ha asegurado extensiones a corto plazo para sus préstamos a plazo. La compañía ha negociado con sus prestamistas de primer grado para extender la fecha de vencimiento hasta el 28 de febrero de 2025, mientras que los préstamos a plazo de segundo grado se han extendido hasta el 31 de marzo de 2025.
Según el CFO Tim Huffmyer, la empresa está trabajando activamente con los prestamistas para refinanciar las instalaciones de deuda existentes y mejorar su estructura de capital. Estas extensiones son parte de los esfuerzos continuos de Urgently para mejorar su posición financiera.
Urgently (Nasdaq: ULY)는 미국의 주요 디지털 도로 및 이동 지원 기술 제공업체로, 단기 대출 연장을 확보했습니다. 이 회사는 1순위 대출자와 협상하여 만기일을 2025년 2월 28일로 연장했으며, 2순위 대출은 2025년 3월 31일까지 연장되었습니다.
CFO 팀 허프마이어에 따르면, 회사는 기존 부채 시설을 재융자하고 자본 구조를 개선하기 위해 대출자와 적극적으로 협력하고 있습니다. 이러한 연장은 Urgently의 재무 상태를 개선하기 위한 지속적인 노력의 일환입니다.
Urgently (Nasdaq: ULY), un fournisseur américain de premier plan en technologie d'assistance routière numérique et de mobilité, a obtenu des prolongations à court terme pour ses prêts à terme. L'entreprise a négocié avec ses créanciers de premier rang pour prolonger la date d'échéance jusqu'au 28 février 2025, tandis que les prêts à terme de second rang ont été prolongés jusqu'au 31 mars 2025.
Selon le CFO Tim Huffmyer, l'entreprise travaille activement avec les créanciers pour refinancer ses installations de dette existantes et améliorer sa structure de capital. Ces prolongations font partie des efforts continus d'Urgently pour améliorer sa position financière.
Urgently (Nasdaq: ULY), ein führender Anbieter von digitaler Straßen- und Mobilitätshilfe in den USA, hat kurzfristige Verlängerungen für seine Terminkredite gesichert. Das Unternehmen hat mit seinen ersten Gläubigern verhandelt, um das Fälligkeitsdatum bis zum 28. Februar 2025 zu verlängern, während die Terminkredite der zweiten Gläubiger bis zum 31. März 2025 verlängert wurden.
Laut CFO Tim Huffmyer arbeitet das Unternehmen aktiv mit den Gläubigern zusammen, um bestehende Schulden zu refinanzieren und die Kapitalstruktur zu verbessern. Diese Verlängerungen sind Teil von Urgentlys fortlaufenden Bemühungen, seine finanzielle Lage zu verbessern.
- Successfully negotiated extension of debt maturities, avoiding immediate default
- Lenders showing continued support for refinancing efforts
- Short-term nature of extensions (only until Feb/March 2025) indicates potential financial stress
- Company requires refinancing of existing debt, suggesting possible liquidity concerns
- Multiple layers of debt (first and second lien) indicating leveraged capital structure
Insights
The announced loan extensions reveal a concerning financial situation at Urgently Inc. The extremely short extension periods - just two weeks for the first lien loans and six weeks for the second lien - are particularly troubling indicators. Such brief extensions are typically last-resort measures when companies face immediate refinancing challenges or potential covenant breaches.
The staggered extension dates between first and second lien loans are strategically significant. First lien lenders, who have priority claim on assets, have granted the shortest extension, suggesting they're maintaining tight control over their exposure. The slightly longer extension for second lien debt likely reflects these lenders' subordinate position and potentially different negotiating leverage.
The timing and structure of these extensions point to several potential scenarios:
- The company may be in active negotiations with new capital providers and needs additional time to finalize terms
- A broader debt restructuring could be in process, requiring coordination among multiple creditor groups
- The business might be preparing for a potential strategic transaction or sale process
The immediate implications are significant for both operations and stakeholder relationships. Suppliers and business partners may tighten credit terms or require advance payments, potentially straining working capital. Customer relationships could also be impacted if concerns about service continuity arise. The company's ability to maintain normal operations while managing these pressures will be important in the coming weeks.
The reference to "capital structure improvements" suggests a comprehensive refinancing effort rather than just extending existing debt. However, the extremely short timeframe indicates urgency and potential challenges in securing long-term solutions. The next two to six weeks will be critical in determining whether the company can achieve a sustainable capital structure or faces more severe restructuring measures.
Extensions support capital structure improvements and refinancing efforts
VIENNA, Va., Feb. 14, 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 28, 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 31, 2025.
“We appreciate the support of our existing lenders in further extending the maturity dates of our debt facilities,” said Tim Huffmyer, Chief Financial Officer of Urgently. “We continue to work closely with them to refinance our existing debt facilities and improve 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 Urgently’s ability to refinance its existing debt facilities and improve its capital structure, 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 in 2025?
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