Urgently Announces Short-Term Extensions of Term Loans

Rhea-AI Summary

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.

Positive

• Successfully negotiated extension of debt maturities, avoiding immediate default
• Lenders showing continued support for refinancing efforts

Negative

• 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

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?

Urgently's first lien term loans have been extended to February 28, 2025, while the second lien term loans have been extended to March 31, 2025.

Why is Urgently (ULY) extending its term loan maturity dates?

Urgently is extending its loan maturity dates to support ongoing capital structure improvements and refinancing efforts while working with existing lenders.

What is the purpose of ULY's debt refinancing initiative?

The refinancing initiative aims to improve Urgently's capital structure and manage its existing debt facilities more effectively.

How many types of term loans does Urgently (ULY) currently have?

Urgently has two types of term loans: first lien term loans and second lien term loans, each with different maturity dates.