Kaleyra secures $ 9.0 million loan from Intesa Sanpaolo
NEW YORK & VIENNA, Virginia – (COMMERCIAL THREAD) – Kaleyra, Inc. (NYSE American: KLR) (KLR WS) (“Kaleyra” or the “Company”) a growing cloud communications software provider offering a secure system of application programming interfaces (API) and connectivity solutions in the API / Communications Platform as a Service (CPaaS), today announced that its subsidiary, Kaleyra SpA, has entered into a general unsecured loan agreement with Intesa Sanpaolo, SpA of Italy in the amount of $ 9.0 million (the loan was disbursed in euros for an amount of 7.9 million euros with an exchange rate equal to 0.87602 on the date of signature on July 16, 2020) . Profits are intended to help accelerate the growth of Kaleyra.
The Loan Agreement has a maturity of 72 months from the date of disbursement and bears interest at a variable rate equal to the 3-month Euribor plus a spread of 1.65%. The loan must be repaid in 16 quarterly installments with a grace period of 24 months. The loan is guaranteed by SACE SpA, the Italian state-owned export credit finance agency, and is granted under a program to combat COVID-19 and support from the Italian government to Italian companies.
Additional funding of $ 6 million from the same bank but with a guarantee from a second government agency is expected to be received by Kaleyra SpA in the coming weeks.
“We are delighted to have the support of such a respected lender as Intesa Sanpaolo,” commented Dario Calogero, Founder and CEO of Kaleyra. “As we continue to implement our strategy of building our communications platform / API, adding complementary products, technologies and customers, especially in the United States, we believe this influx of capital, combined with the $ 32.75 million we obtained in June, will be instrumental in the implementation of our value creation initiatives.
The Company has also agreed to complete the repurchase of the remaining 539,548 shares of its shares currently held by Greenhaven Road Capital Fund 1, LP and Greenhaven Road Capital Fund 2, LP under the Company’s forward share purchase agreement. , for a total purchase price of $ 6,212,711.60, which is $ 100,000 less than what the forward share purchase agreement would require the Company to pay in August for these shares. Following the settlement of the buyback, substantially all of the debts that the Company had at the close of the business combination of the Company with Kaleyra SpA to make future payments in accordance with the forward share purchase agreements have been either prepaid (as is primarily the case with the agreement with Nomura Global Financial Products, Inc., which remains in place) or entered into, or otherwise paid for as a result of sales of shares in the market by counterparties to forward share purchase agreements.
Calogero added, “In a world that has had to become increasingly reliant on digital transactions, Kaleyra is well positioned, both strategically and financially, to further develop our platform, support businesses and enable transactions in such a way. secure and compliant, promoting the future. growth.”
Kaleyra, Inc. (NYSE American: KLR) (KLR WS), is a global group providing mobile communications services to financial institutions and businesses of all sizes around the world. Through its proprietary platform, Kaleyra operates multi-channel integrated communications services globally, including messaging, push notifications, emails, instant messengers, voice services and chatbots. Kaleyra’s technology today enables the safe and secure handling of billions of messages per month with reach to hundreds of MNOs and over 190 countries. For more information: https://www.kaleyra.com/.
This press release contains forward-looking statements within the meaning of Section 27 (a) of the Securities Act of 1933, as amended, and Section 21 (e) of the Securities Exchange Act of 1934, as amended. These statements are subject to risks and uncertainties. All statements other than statements of historical fact or relating to current facts or current conditions included in this press release are forward-looking statements. Forward-looking statements include, without limitation, statements regarding future loans, the use of loan proceeds and Kaleyra’s current expectations and projections regarding its financial condition, results of operations, plans, objectives, its future performance and activities. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as “anticipate”, “estimate”, “expect”, “plan”, “seek”, “plan”, “intend”, “believe”, “” “” continue “,” likely “,” should “, and other words.
The forward-looking statements contained in this press release are based on Kaleyra’s current expectations and assumptions regarding its business, economy and other future conditions. Because forward-looking statements relate to the future, by their nature they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Kaleyra’s actual results may differ materially from those contemplated in the forward-looking statements due to several factors, including market risks and uncertainties, the availability of Italian government loan guarantees and other factors discussed in more detail in its documents. deposited with the Foreign Exchange Commission. Any forward-looking statements made by Kaleyra in this press release speak only as of the date Kaleyra makes them. Factors or events that could cause our actual results to vary may occur from time to time, and it is not possible for Kaleyra to predict all of them. Kaleyra assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments, or otherwise, except as required by law.