Numerex, a provider of enterprise solutions enabling the Internet of Things (IoT), said pre-market Thursday that it has closed a $13.5 million note purchase agreement with Hale Capital Partners, a commercial investment company. Hale Capital will become Numerex’s new primary financing partner.
A portion of the proceeds from the sale of the note will be used to retire the debt previously financed by Crystal Financial. “This new financing agreement provides Numerex with cost-effective and flexible capital to support our business model,” Interim CEO Ken Gayron said in a statement. He added that the new facility reduces the company’s cash interest expense in the near term, extends the maturity date under the primary credit facility from 2020 to 2021, and removes some of the more onerous restrictions from the prior loan.