KORE Announces Completion of Comprehensive Debt Refinancing and Strategic Investment

▤ Summary

Extend KOREs debt maturity, with no material debt maturities until the second half of 2028 Reduce cash interest expenses by approximately $14 million per year, positioning KORE to be free cash flow positive Add approximately $15 million in cash to KOREs balance sheet, providing flexibility to continue pursuing accretive M&A opportunities Add two representatives to the Board of Directors from Searchlight David Fuller, Operating Partner and Andrew Frey, Partner who bring deep expertise in the communications and technology sectors. Mr. Frey has invested in the communications, media and technology sectors for the last 20 years, and is currently involved with Searchlights investments in Ziply Fiber, LLC, Consolidated Communications Holdings, Inc., Uniti Group Inc., and Mitel Networks CorporationOver the past several months, we have focused on reducing our debt and strengthening the Companys balance sheet, said Romil Bahl, President and CEO of KORE. We are pleased to have supportive partners in Whitehorse and Searchlight, who have provided us capital to achieve the Companys objectives.Continued Bahl, it is an exciting time for KORE, as we have significantly improved our balance sheet by reducing our total debt, extending our debt maturities, and, importantly, increasing the Companys ongoing cash generation and cash position, resulting in increased flexibility. Whitehorse Capital will also hold a $25 million revolving credit facility, which will be undrawn at closing.Bahl concluded, KORE has deleveraged, strengthened its balance sheet, and increased cash flow flexibility. Our strengthened balance sheet, 80% recurring revenue, and growing global sales pipeline position KORE for growth and tremendous long-term shareholder value creation over the Decade of IoT.TD Cowen acted as exclusive financial advisor to the Company in connection with its strategic equity investment.

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KORE Wireless

$100M to $250M