Intersections (NASDAQ: INTX) has successfully completed a new $20 million term loan financing with PEAK6 Investments, L.P. The new credit agreement extends the maturity date to April 20, 2021, and reduces and defers mandatory quarterly principal payments of $1.2 million to commence on September 30, 2019. The new agreement also carries a lower interest rate. The company used approximately $13.9 million of the proceeds to repay its prior credit agreement and related interest and expenses. The company intends to use the remaining proceeds toward subscriber acquisition and product development. Additionally, PEAK6 purchased a warrant to purchase 1.5 million shares of the company’s common stock at an exercise price of $5.00 per share for $1.5 million in cash. “Intersections is focused on rebuilding our consumer identity protections services. We have positioned ourselves to expand that business through broader and more diverse distribution channels and through exciting new products such as our artificial intelligence driven product coming to market this summer. This new financing will provide Intersections additional capital and runway to execute our business plan and grow. We are pleased that PEAK6 is becoming our primary credit provider and investing in a warrant to acquire our common stock,” Intersections CEO Johan Roets stated in the news release.
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About Intersections Inc.
Intersections Inc. (NASDAQ: INTX) provides innovative, information based solutions that help consumers manage risks and make better informed life decisions. Under its IDENTITY GUARD® brand and other brands, the company helps consumers monitor, manage and protect against the risks associated with their identities and personal information. Headquartered in Chantilly, Virginia, the company was founded in 1996. To learn more, visit www.intersections.com.
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