On February 26, 2025, Urgent.ly, a U.S.-based leading provider of digital roadside and mobility assistance technology and services, announced that it reached an agreement with its lenders resulting in significant capital structure improvements. Urgent.ly entered into a new credit agreement for an asset-based revolving credit facility for up to $20 million with MidCap Financial, which will be used to repay existing indebtedness and to help the company advance its mission to transform the legacy roadside assistance market and to develop and define the new market for connected mobility assistance services for automotive, insurance, fleet, logistics, new mobility, and technology transportation companies.
Certain funds managed by Highbridge Capital Management, LLC, Onex Credit, and Whitebox Advisors also agreed to forego the repayment of certain fees under the company’s second lien agreements in exchange for the issuance of 1,358,073 shares of Urgent.ly’s common stock and an extension of its second lien term loans until July 31, 2026.
Wilson Sonsini Goodrich & Rosati represented Urgent.ly on the transaction. The Wilson Sonsini team includes:
Corporate Finance
Dana Hall
Jason Koo
Sarah Gohary
Ryan Isola
Julia Anderson
Corporate
Lianna Whittleton
David Sharon
Christoph Luschin
Carole Rosenberg
Yesenia Rascon
Regulatory
Amy Caiazza
Drew Minick
Alice Cao
