By Devika Patel
Knoxville, Tenn., April 30 – RumbleOn, Inc. said it negotiated a $15 million senior secured credit facility with Hercules Capital, Inc.
Under the terms of the facility, $5 million will be funded at closing with the balance available in two additional tranches over the term of the facility, conditional upon certain operating targets.
The 10.5% loan is due in three years.
Hercules also received warrants for 81,818 class B common shares, which are each exercisable at $5.50.
The Charlotte, N.C., company provides an e-commerce platform that facilitates consumers and dealers to buy, sell, trade and finance pre-owned recreation vehicles.
| Issuer: | RumbleOn, Inc.
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| Issue: | Senior secured credit facility
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| Amount: | $15 million
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| Maturity: | Three years
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| Coupon: | 10.5%
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| Warrants: | For 81,818 shares
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| Warrant strike price: | $5.50
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| Investor: | Hercules Capital, Inc.
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| Announcement date: | April 30
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| Distribution: | Private placement
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