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Tern lends more money to IoT company Device Authority

Friday, 14th September 2018
Internet of Things company investor Tern said it had provided a further convertible secured loan of $525k to portfolio company Device Authority.

The loan was repayable on 28 December and would bring Tern's total convertible secured loan note position with the company to is $1.7m

'In providing this support, Device Authority's shareholders, including Tern, are pleased with the progress it continues to make with its partners, including the launch of a connected health solution with Thales and the ongoing recognition of its value in the IoT security market,' Tern said.

The fourth tranche of the convertible secured loan note accrued an interest coupon of 5% per annum and was convertible automatically on completion of an equity fundraising in Device Authority of at least $2.5m completed before 28 December.

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