Inseego pays down, terminates credit agreement with Siena Lending

By Wendy Van Sickle

Columbus, Ohio, April 18 – Inseego Corp. voluntarily paid off and terminated its asset-backed loan facility with Siena Lending Group, according to a news release.

This week, the company said it paid the $3 million outstanding balance and related termination fees.

The company said that it was required to pay fees and interest on a principal amount of $8.5 million, regardless of the amount actually borrowed, per the terms of the ABL facility. During 2023, the company incurred intent and fees of $1.9 million, it said.

Inseego is a San Diego-based 5G and internet-of-things company.

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