U.S. Well Services (USWS +53.0%) says that an agreement with CLMG Corp enables suspension of scheduled principal and interest payments for 24 months for its senior secured term loan credit agreement, with maturity extended by 18 months

In exchange for loan facility amendment, the Lenders received an extension fee including $20M cash payment, $1.05M of newly issued Preferred Stock and ~5.5M USWS Class A shares

Concurrently, the company issued $21M Series B Redeemable Convertible Preferred Stock via private placement; the proceeds will be used to fund the $20M cash portion of an extension fee payable to the Lenders in exchange

The Preferred Stock is convertible into USWS Class A shares at $0.308 per share.

Source link