Benzinga | Mar 8, 2021 09:08AM EST

CRI Announces Amended And Restated Credit Agreement With Lender Under Credit Facility As Part Of Debt Restructuring

LOUISVILLE, Ky., March 8, 2021 /PRNewswire/ -- Creative Realities, Inc. ("Creative Realities," "CRI," or the "Company") (NASDAQ:CREX, CREXW))))), a leading provider of digital marketing solutions, today announced that it has entered into an Amended and Restated Credit Agreement with the lender under its credit facility pursuant to which the parties agreed to take certain actions to restructure CRI's outstanding indebtedness to improve CRI's capital structure and create flexibility to manage potential significant upcoming projects by:

* eliminating the three times liquidation preference upon conversion of the Company's Secured Convertible Special Loan Promissory Note;

* providing increased liquidity via $1.0 million of incremental availability under the new Multi-Advance Line of Credit facility;

* extending the maturity date of the Company's debt facilities from June 30, 2021 to March 31, 2023; and

* reducing outstanding debt via conversion of the Secured Disbursed Escrow Promissory Note into the Company's common stock at the ten-day volume weighted average price as of the close of market on March 5, 2021.

"As the digital out-of-home industry emerges from the ongoing COVID-19 pandemic, we're positioning the Company financially to aggressively pursue important growth opportunities," said Rick Mills, CEO of CRI. "We believe that the additional $1.0M in available liquidity, when combined with the elimination of the three times liquidation preference on our Special Loan and the extension of all debt instruments to March 31, 2023 generates continued forward momentum and flexibility for our team to continue our relentless focus on growing our business and creating shareholder value."

Mr. Mills continued, "Restructuring the Company's debt to more favorable terms is another step in positioning CRI to take advantage of opportunities that we are seeing emerge in the marketplace as governments ease restrictions and closures associated with the COVID-19 pandemic. We believe CRI now has ample runway and access to capital to support our strategic investments towards becoming a key enterprise provider in the digital signage industry."

To learn more about Creative Realities, visit https://cri.com/.