MALVERN, Pa.--(BUSINESS WIRE)--USA Technologies, Inc. (OTC: USAT), a cashless payments and software services company that provides end-to-end technology solutions for the self-service retail market, today announced that it received $20 million in equity financing from, and entered into a $30 million senior secured debt financing commitment with, Antara Capital Master Fund LP. Proceeds from the equity investment will be used to support USAT’s operating activities.
Under the terms of the agreement, Antara purchased 3.8 million shares of common stock of the Company at $5.25 per share resulting in gross proceeds of approximately $20 million. In addition, Antara has committed to provide the Company with a $30 million senior secured debt facility subject to certain conditions, including completion of agreed upon loan documentation. The debt commitment provides that the Company would draw down $15 million of the $30 million debt facility at the time of completion of the loan documentation, and would draw down the remaining $15 million starting on a date that is 9 months but no later than 18 months following the completion of the loan documentation. The debt facility would mature in five years and bear interest at 9.75% per annum.
William Blair & Company, L.L.C. acted as exclusive placement agent for the Company.
About USA Technologies, Inc.
USA Technologies, Inc. is a cashless payments and software services company that provides end-to-end technology solutions for the self-service retail market. With approximately one million two hundred thousand connections, USAT is transforming the unattended retail community by offering one solution for payments processing, logistics, and back-office management solutions. The company’s enterprise-wide platform is designed to increase consumer engagement and sales revenue through digital payments, digital advertising and customer loyalty programs, while providing retailers with control and visibility over their operations and their inventory. As a result, customers ranging from vending machine companies, to operators of micro-markets, gas and car charging stations, laundromats, metered parking terminals, kiosks, amusements and more, can run their businesses more proactively, predictably, and competitively.
About Antara Capital
Antara Capital is a New York-based investment firm that invests in event-driven credit and special situation equities, focusing on research-oriented situations with the potential to actively create opportunities. Antara has a seasoned portfolio/risk manager with a strong track record of creating value. Antara looks to be a strategic partner to companies to enable them to unlock value for all stakeholders.
