Urgent.ly Inc. announced agreements with its lenders for short-term extensions to its term loan agreements. The company is continuing discussions to finalize longer-term extensions. This move is part of Urgently's ongoing efforts to improve its capital structure.
The first lien term loans had their maturity date extended until February 1, 2025, with a partial prepayment of $3 million in aggregate principal amount, along with applicable fees. The second lien term loans were extended until March 3, 2025. These extensions provide temporary relief while long-term solutions are sought.
CFO Tim Huffmyer stated that these short-term extensions align with the company's goals of reducing debt and improving its capital structure. Urgently is also advancing discussions with lenders to refinance its existing debt facilities or enter into a new debt facility.
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