Urgent.ly Inc. announced significant capital structure improvements, including a new asset-based revolving credit facility of up to $20 million with MidCap Financial. This new facility will be used to repay existing indebtedness to its first lien lenders. The financing aims to support the company's mission to transform the roadside assistance market.
Certain funds managed by Highbridge Capital Management, Onex Credit, and Whitebox Advisors agreed to forego repayment of certain fees under the company’s second lien agreements. In exchange, Urgently issued 1,358,073 shares of its common stock. The second lien term loans were also extended until July 31, 2026.
CFO Tim Huffmyer stated that the new debt facility will support the business as it develops connected mobility assistance services globally. CEO Matt Booth highlighted that these capital structure improvements strengthen commitment to partners, service providers, and consumers. Chardan served as exclusive financial advisor for the transaction.
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