On April 17, 2020 Inperium successfully closed a $37MM financing comprised of three Term Loans and a $10MM Operating Line of Credit with Truist Bank. The 2020 Notes and Line were issued under a newly created Master Trust Indenture (“MTI”). The MTI establishes an Obligated Group comprised of Inperium, Inc. and its regional Affiliates. The MTI establishes uniform covenants that govern all indebtedness of the Obligated Group, thus simplifying ongoing compliance by management and eliminating disparate and conflicting covenants within the portfolio.
Proceeds of the loans were used to refinance all of Inperium and its Affiliates’ outstanding long-term obligations, the balance of Inperium’s prior Operating Line of Credit and the strategic business acquisition of Mercadien Technologies. The new Operating Line of Credit will facilitate cash flow and working capital in support of the Obligated Group. Inperium Founding President and Chief Executive Officer, Ryan Smith, commented regarding this announcement: “The achievement of refinancing and restructuring the debt with access to capital will be paramount to Inperium’s Constellation expansion goals and continued success in the development of affiliations without concession.”
Inperium Executive Vice President and Chief Financial Officer, Ryan Kraus, mentioned: “Establishing the MTI and Obligated group were essential steps in evolving Inperium’s debt structure from a disparate and transactional approach to a more mature corporate finance model. The MTI structure provides an important vehicle to efficiently manage our debt portfolio and provides the working capital to continue to actively pursue growth opportunities.”