- Exela Technologies, Inc (NASDAQ:XELA) reported that its subsidiaries had obtained $51 million of new funding from B. Riley Commercial Capital, LLC (BRCC) and an affiliate of BRCC.
- The funding was made via an amendment of Exela’s existing $150 million PNC securitization facility to permit the addition of $35 million of junior secured financing, a separate sale of receivables, and an increase in availability under a revolving line of credit.
- The new securitization facility matures in June 2025 and bears interest at a per annum rate of one-month Term SOFR plus 7.5%.
- These financings provided an additional $51 million of funding in February, with an additional $4 million available, subject to specific financial measurements.
- In connection with these transactions, a subsidiary of Exela prepaid $29 million of its existing BRCC term loan, reducing the outstanding term loan balance to approximately $15 million.
- Exela plans to use incremental liquidity for general corporate purposes, debt obligations, and transaction expenses.
- Exela also purchased $13.4 million of 2023 unsecured Notes per its previously announced capital deployment strategy.
- Combined with the $29 million reduction of the BRCC term loan, the prepayment and purchase reduced 2023 maturities on a consolidated basis by $42.4 million.
- Price Action: XELA shares traded higher by 23.5% at $0.0599 on the last check Thursday.
Floki Soars As Holders Buoyed By Proposal to Remove 15.24B Tokens Out Of Circulation: The Burn Is Real
Floki (CRYPTO: FLOKI) gained significant positive momentum this week, fueled largely by the combination of the "Roaring Kitty" hype, and a fresh proposal to kick a large portion of the supply out of circulation.
