Reported Earlier, Airspan To Receive Up To $95M In New Equity Financing And Eliminate All Existing Funded Debt
Portfolio Pulse from Benzinga Newsdesk
Airspan Networks Inc. is set to receive up to $95 million in new equity financing and will eliminate all existing funded debt. The company has entered an agreement with creditors to strengthen its financial foundation and adjust its balance sheet. As a result, Airspan will transition into a private entity, majority-owned by Fortress, with a robust balance sheet and enhanced financial flexibility. The company will continue its operations normally while it undergoes a prepackaged recapitalization process, which is expedited and has the full support of all major creditors. Additionally, Airspan has secured over $53 million in Debtor-in-Possession (DIP) financing to support its operations during this period.
April 01, 2024 | 6:35 am
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Airspan Networks Inc., trading under the symbol MIMO, is set to receive significant equity financing and eliminate its existing debt, transitioning to a private company with improved financial stability.
The infusion of up to $95 million in new equity financing and the elimination of existing funded debt significantly improve Airspan's financial health. Transitioning to a private company with the backing of Fortress indicates a strong vote of confidence in Airspan's future. This financial restructuring, including the securing of over $53 million in DIP financing, is likely to have a positive impact on the company's operational capabilities and strategic flexibility. Given the comprehensive support from creditors and the substantial financial backing, the short-term outlook for Airspan appears positive.
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