Inseego Corp.’s Exchange Offer

Paul Hastings LLP represented Inseego Corp. (successor issuer to Novatel Wireless, Inc.) (Nasdaq: INSG), a leading global provider of solutions for the Internet of Things (IOT), including software-as-a-service (SaaS), in the commencement of an offer to exchange each validly tendered and accepted $1,000 principal amount of 5.50% Convertible Senior Notes due 2020 issued by Novatel Wireless, Inc., a wholly owned subsidiary of Inseego Corp., for $1,000 principal amount of 5.50% Convertible Senior Notes due 2022 to be issued by Inseego Corp.

Inseego Corp. is conducting this exchange offer and a related consent solicitation in order to facilitate the previously announced sale of its mobile broadband business, which includes its MiFi branded hotspots and USB modem product lines (which is currently operated by Novatel Wireless, Inc.) to T.C.L. Industries Holdings (H.K.) Limited, a Hong Kong limited liability company, and Jade Ocean Global Limited, a British Virgin Islands business company, for cash consideration of $50.0 million, subject to potential adjustment based on the working capital and indebtedness of Novatel Wireless, Inc. as of the closing of such sale. The consummation of the sale is expected to occur in the first quarter of 2017.

The Paul Hastings team was led by Corporate partners Teri O’Brien (Picture), Michael Chernick and Alexander Lee, which also included associates Melissa Garcia, Amy Lawrence, Laura Bertilotti, Taylor Denson, Molly Vaughn, Steven Wright and Spencer Young

Involved fees earner: Teri O’Brien – Paul Hastings; Melissa Garcia – Paul Hastings; Spencer Young – Paul Hastings; Michael Chernick – Paul Hastings; Laura Bertilotti – Paul Hastings; Alexander Lee – Paul Hastings; Amy Lawrence – Paul Hastings;

Law Firms: Paul Hastings;

Clients: Inseego Corp.;


Author: Ambrogio Visconti