USA Technologies (OTC:USAT) has reached a $50M financing commitment via Antara Capital Master Fund.
It's received $20M in equity financing and entered a $30M senior secured debt financing commitment with Antara, which purchased 2.8M shares of common stock at $5.25/share for the equity portion.
USA Tech will draw $15M of the term facility concurrent with execution of the loan documentation, and will draw the remaining $15M between nine and 18 months from execution.
Those draws will bear interest at 9.75% per annum.
Shares are down 0.6% after hours.