iLearningEngines, Inc., a leader in AI-powered learning and work automation, announced today that it has entered into a First Amendment to Loan and Security Agreement with the involved financial institutions and East West Bank, as administrative agent and collateral agent for the Lenders. This Amendment modifies the existing Loan and Security Agreement, dated April 17, 2024, between iLearningEngines’ wholly-owned subsidiary, iLearningEngines Holdings, Inc., the Lenders, and East West Bank to secure an additional $20 million in funding.
- Original Loan Agreement
- On April 17, 2024, iLE Holdings entered into the Loan Agreement, establishing a new senior secured revolving credit facility with a principal amount of up to $40 million, which was fully drawn at closing.
- The Revolving Facility included an uncommitted accordion option, allowing iLE Holdings to increase the revolving commitments by an additional $20 million upon Lender’s approval.
- Amendment Details
- iLearningEngines announced today that the full $20 million accordion was drawn on June 28, 2024.
- Valley National Bank was added to the syndicate along with East West Bank.
- The Revolving Facility has a 3-year term, with outstanding loans bearing interest at a rate equal to the Adjusted Term SOFR rate (with an interest period of 1 or 3 months at iLE Holdings’ option) plus 3.50% per annum, subject to an Adjusted Term SOFR floor of 4.00%.
- Harish Chidambaran, CEO of iLearningEngines
- “We see a tremendous opportunity to increase adoption of the iLearningEngines platform, both through organic growth and, potentially, strategic transactions. This $20 million in additional funding enhances our ability to execute all aspects of our growth plans. We are also pleased to have expanded our banking relationship to now include Valley Bank in addition to East West Bank.”
- Jack Grady, Senior Vice President of East West Bank
- “We believe the adoption of AI is one of the most powerful technology trends happening today, and we are pleased to help fund the growth of an AI leader like iLearningEngines.”
The additional $20 million in funding will bolster iLearningEngines’ capacity to drive growth and expand its platform, solidifying its position as a leader in AI-powered learning and work automation.
