MoneyLion (NYSE: ML) Announces Refinancing and Debt Repayment Agreement

MoneyLion Inc. (NYSE: ML), a prominent financial technology company, recently disclosed a significant financial transaction. On November 25, 2024, MoneyLion and its subsidiary, MoneyLion Technologies Inc., entered into a Credit Agreement with several lenders and Silicon Valley Bank. This agreement facilitated the borrowing of $70.0 million in term loans, which were utilized to retire the outstanding balance of approximately $65.0 million under the Company’s previous loan facility, known as the Monroe Facility.

The proceeds from the Initial Term Loans were directed towards clearing the existing debt, covering transaction-related expenses, and providing resources for ongoing operational and corporate needs of the Company and its subsidiaries. These capital transactions are part of MoneyLion’s strategic financial management plan.

The Credit Agreement dictates that the Initial Term Loans bear annual interest at a floating rate based on different benchmarks, offering flexibility to MoneyLion based on its financial metrics. The maturity date for these loans is set at November 25, 2029, with quarterly repayment installments commencing from March 31, 2025.

Alongside the financial terms, the Credit Agreement includes customary representations, warranties, and covenants to ensure financial discipline and compliance. MoneyLion, as the parent company, and its subsidiaries will guarantee the obligations under the agreement, which are further secured by tangible and intangible assets of the Company and its subsidiaries.

In a simultaneous move, MoneyLion terminated its previous Credit Agreement dated March 24, 2022, in connection with entering into the new Credit Agreement with Silicon Valley Bank. This termination aligns with the Company’s refinancing strategy and underscores its commitment to managing its financial obligations effectively.

The successful completion of the refinancing and debt repayment transaction not only provided MoneyLion with improved financial terms but also underscores the Company’s strategic positioning for growth and innovation. By strengthening its financial position and extending its debt maturity, MoneyLion aims to bolster its ability to invest in organic growth initiatives, expand its service offerings, and enhance its market competitiveness.

Investors and industry analysts keen on MoneyLion’s financial updates and future prospects can access further details of the Credit Agreement in the official filing submitted to the Securities and Exchange Commission (SEC). The full text of the Credit Agreement is available as Exhibit 10.1 in the company’s recent 8-K filing.

Overall, this refinancing maneuver signifies a pivotal step in MoneyLion’s financial trajectory as it aligns its capital structure with its strategic growth objectives.

For more information about MoneyLion and its financial products and services, interested parties can visit the company’s official website.

Contact:
MoneyLion Investor Relations
Email: [email protected]

MoneyLion Communications
Email: [email protected]

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read MoneyLion’s 8K filing here.

About MoneyLion

MoneyLion Inc, a financial technology company, provides personalized products and financial content for American consumers. The company's platform offers access to banking, borrowing, and investing solutions for customers. Its principal products include RoarMoney, an insured digital demand deposit account; Instacash, a cash advance product that gives customers early access to their recurring income deposits; Credit Builder Plus membership program; MoneyLion Investing, an online investment account that offers access to separately managed accounts invested based on model exchange-traded fund portfolios; Roundups, which provides features designed to encourage customers to establish good saving and investing habits; and MoneyLion Crypto, an online cryptocurrency account.