FREE MEMBERSHIP Includes » ABL Advisor eNews + iData Blasts | JOIN NOW ABLAdvisor Gray ABLAdvisor Blue
Skip Navigation LinksHome / News / Read News


Antara Capital Master Fund Closes Debt Facility With USA Technologies

October 10, 2019, 08:45 AM
Filed Under: Retail

USA Technologies, Inc., a cashless payments and software services company that provides end-to-end technology solutions for the self-service retail market, announced that it received $20 million in equity financing from, and entered into a $30 million senior secured debt financing commitment with, Antara Capital Master Fund LP (“Antara”). Proceeds from the equity investment will be used to support USAT’s operating activities.

Under the terms of the agreement, Antara purchased 3.8 million shares of common stock of the Company at $5.25 per share resulting in gross proceeds of approximately $20 million. In addition, Antara has committed to provide the Company with a $30 million senior secured debt facility subject to certain conditions, including completion of agreed upon loan documentation. The debt commitment provides that the Company would draw down $15 million of the $30 million debt facility at the time of completion of the loan documentation, and would draw down the remaining $15 million starting on a date that is 9 months but no later than 18 months following the completion of the loan documentation. The debt facility would mature in five years and bear interest at 9.75% per annum.

The shares were sold in a private placement and have not been registered under the Securities Act of 1933, as amended (the “Act”), or any state securities laws, and may not be offered or sold in the United States absent registration, or an applicable exception from registration under the Act and applicable state securities laws. Pursuant to a registration rights agreement between the Company and Antara, the Company has agreed, at its expense, to file a registration statement under the Act with the Securities and Exchange Commission covering the resale of the shares by Antara.

William Blair & Company, L.L.C. acted as exclusive placement agent for the Company.

Comments From Our Members

You must be an ABL Advisor member to post comments. Login or Join Now.