Loan of the Week Snapshot #118

👓At a Glance

Borrower: Urgent.ly, Inc. and subsidiaries

Lender: MidCap Financial (MidCap Fund IV)

Deal Size: $20 million with option to increase to $25 million

Structure: Senior secured asset-based revolving line of credit

Use of Proceeds: Refinance existing first lien obligations

Source: Press Release

📷Borrower Snapshot

Sector: Information Technology

Subsector: Software

Ownership: Public

Commercial Stage: Revenue generating; EBITDA (-) LTM

Business Overview: Urgently, Inc. is a U.S.-based mobility and roadside assistance platform that delivers digitally integrated services for automotive, insurance, fleet, logistics, and technology partners. The company replaces legacy motor club models with real-time, API-driven solutions to dispatch towing, jump-starts, and other emergency services across North America and select global markets.

⚙️Structure & Terms

Source: SEC 8-K

Revolving Line Commitment: $20 million with ability to increase to $25 million

Borrowing Formula: 90% on eligible accounts; 70% on eligible unbilled accounts capped at 37% of loan limit

Maturity: 36 months

Repayment: Interest monthly, Principle at maturity

Rate: Variable SOFR + 4.50% with SOFR floor of 1.00%

Fees:

• Commitment Fee: Not disclosed (Fee Letter)
• Unused Fee: 0.50% per annum
• Prepayment Fee: 3% in year 1, 2% in year 2, 1% in first six month of 3rd year

Covenants:

• Minimum Liquidity - $5.0 million
• Fixed Charge Coverage Ratio of 1.00:1.00 (tied to availability based covenant trigger )

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