05:10 PM EDT, 09/11/2024 (MT Newswires) -- Inseego ( INSG ) late Wednesday said it recently paid down almost half of a short-term term loan and entered a deal with an investors to exchange $5 million of convertible notes for long-term debt and equity.

After voluntarily repaying $9.5 million on a loan facility, the networking equipment company now owes $10 million to an affiliate of the Tavistock Group and other lenders.

Inseego ( INSG ) also now has binding agreements with investor to convert 3.25% convertible notes due 2025 into $4.25 million of new long-term senior secured notes and warrants to purchase a total of 370,000 shares. It expects to repay or refinance the remaining debt that is not being converted before next May.

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