Inseego Corp., a technology leader in 5G mobile and fixed wireless solutions for mobile network operators, Fortune 500 enterprises, and SMBs, announced today that as a result of its improving liquidity position and financial results, the company exercised its right to voluntarily pay-off and terminate its asset-backed loan facility (ABL Facility) with Siena Lending Group (“Siena”).
On a monthly basis, the company has been required by the terms of the ABL Facility to pay fees and interest expense on a principal amount of US$8.5m, irrespective of the amount of funds actually borrowed by the Company under the ABL Facility. During 2023, for example, the Company incurred interest expense and fees related to the ABL Facility of US$1.9m.
