Track Group Inc. Announces Completion of Comprehensive Recapitalization and Debt Refinancing
Track Group completed a comprehensive recapitalization that reduced net debt by approximately $27 million (63%) and lowered its net leverage ratio from 7.2 to 2.6. The transaction was financed through a new $21 million credit facility and a $10.3 million PIPE priced at $0.35 per share, extending debt maturities to five years.
Key figures
- Offering Price
- 0.35
- Shares Offered
- 29471429
- Net leverage new
- 2.6
- Pipe proceeds usd
- 10300000
- Net leverage prior
- 7.2
- Interest rate percent
- 13.5
- Net debt reduction usd
- 27000000
- New credit facility usd
- 21000000
- Annual cash interest savings usd
- 200000
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