Appgate Cybersecurity enters $50 million revolver with SIS Holdings

By Rebecca Melvin

New York, April 27 – Appgate Cybersecurity Inc., a subsidiary of Appgate Inc., entered into a $50 million revolving credit agreement with SIS Holdings LP, according to an 8-K filing with the Securities and Exchange Commission.

The April 26 agreement covers Appgate Cybersecurity as borrower, Appgate as guarantor and subsidiaries of Appgate Cybersecurity as guarantors.

The facility matures June 30, 2023 or earlier if Appgate closes an offering of capital stock equal to $50 million or more or upon an event of default.

Interest will accrue at a rate of 10% per annum, payable in cash on the final maturity date.

Proceeds will be used to fund working capital or other general corporate purposes.

The agreement is subordinated to Appgate Cybersecurity’s convertible senior notes issued Feb. 8, 2021 to Magnetar Financial LLC.

The new credit agreement contains provisions requiring the company to maintain compliance with some customary covenants, including not permitting liquidity to be less than $10 million as of the last day of any calendar month.

The software company is based in Coral Gables, Fla.

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