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Vroom, Inc. (NASDAQ:VRM) announced Tuesday it has entered into a note purchase agreement with Robert J. Mylod, Jr., the company’s Independent Executive Chair of the Board. The agreement allows Vroom to issue up to $10.5 million in senior secured delayed draw notes due in 2026, with an initial issuance of $5 million.
According to a statement filed with the Securities and Exchange Commission, the notes will bear interest at a rate equal to the three-month Term SOFR plus 7.50% per annum, payable quarterly in arrears. The notes are secured by the assets of the company and include customary covenants, events of default, and conditions for any further drawdowns. The maturity date for the notes is November 25, 2026. Vroom may prepay the notes at any time, in whole or in part, without penalty or premium.
The company stated it intends to use the proceeds from the notes for working capital and general corporate purposes. The agreement supports Vroom’s long-term business strategy.
This information is based on a statement filed with the Securities and Exchange Commission.
In other recent news, Vroom, Inc. announced a significant change to its credit agreement, increasing the facility from $25 million to $35 million. This amendment was made in collaboration with United Auto Credit Corporation and Darkwater Funding LLC. Mudrick Capital Management, L.P. is acting as the administrative agent for this facility. The change became effective on September 30, 2025, as noted in a filing with the U.S. Securities and Exchange Commission. Additionally, the amendment revised lender commitment amounts in the agreement’s schedules. Darkwater Funding LLC has reaffirmed its security interest in the collateral securing the obligations under this agreement. These developments are part of Vroom’s ongoing financial strategies.
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