Inseego Corp. Term Loan Refinancing and Notes Exchange

Davis Polk advised certain funds managed by Highbridge Capital Management, LLC in connection with the refinancing of the existing term loan facility for Inseego Corp. with a new three-year, $48 million term loan facility, $36.1 million of which was funded to the company in cash and the remaining $11.9 million of which was funded through the company’s repurchase and cancellation of approximately $14.9 million of its 5.50% convertible senior notes due 2022 held by the term loan lenders. In connection with the term loan facility and notes exchange, the company also issued to the term loan lenders two million shares of its common stock. The obligations under the term loan facility will be guaranteed by certain of the company’s direct and indirect subsidiaries and secured by substantially all of the assets of the company and the guarantors thereunder. The proceeds of the term loan facility remaining after repayment in full of the company’s existing term loan facility will be used for general corporate purposes.

Headquartered in San Diego, California, Inseego Corp. is a global provider of MiFi-branded intelligent wireless solutions for the worldwide mobile communications market and software-as-a-service (SaaS) and solutions for the Internet of Things (IoT). The company sells its telematics solutions under the Ctrack brand, including its fleet management, asset tracking and monitoring, stolen vehicle recovery and usage-based insurance platforms. Inseego Corp. also sells business connectivity solutions and device management services through Inseego North America (formerly Feeney Wireless).

The Davis Polk finance team included partner Kenneth J. Steinberg and associates Jonathan B. Brown and Sang Hun Lee. The capital markets team included partner Byron B. Rooney and associate Roderick G. Miller. Partner Frank J. Azzopardi and associate Carrie Guo provided intellectual property and technology advice. Partner Mary Conway and associate Aliza Slansky provided tax advice. Counsel Susan D. Kennedy provided real estate advice. All members of the Davis Polk team are based in the New York office.