Rubicon Technologies announces credit facility amendments

Chicago, Nov. 28 – Rubicon Technologies, Inc. announced amendments to certain loan agreements that list Rubicon Global, LLC and Riverroad Waste Solutions, Inc. as borrowers, according to an 8-K filing with the Securities and Exchange Commission.

The borrowers modified their revolving facility agreement on Nov. 18 that lists Eclipse Business Capital LLA as revolving agent.

The revolving facility now matures on Dec. 14, 2023, a one-year extension. Interest is now at SOFR plus 550 basis points.

Further, Rubicon agreed to contribute $4.96 million to the borrowers from debt/equity securities and contribute an additional $25 million from a financing transaction when the company’s S-1 filing becomes effective or Jan. 31, 2023.

The borrowers will pay $900,000 as an amendment fee in two installments.

Also on Nov. 18, the borrowers amended their $60 million term loan facility originally signed on March 29, 2019.

Pathlight Capital LP is the term loan agent.

The term loan amendment allowed the facility lenders to consent to a third amendment, the subordinate term loan amendment.

The amendment incorporated the same contributions from Rubicon listed above.

The subordinate term loan amendment, also signed Nov. 18, modifies the $20 million subordinate term loan with Mizzen Capital LP as agent.

The maturity date was extended one year, to Dec. 31, 2023.

There were also amendments to the accompanying warrants documentation.

The borrowers paid $258,401.80 to amend the subordinate loan.

Lexington, Ky.-based Rubicon is a mobile app developer that provides on-demand trash pickup.

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