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Butn: Secures $8.5m in extra debt funding | Fintech InShorts: Latest fintech news, analysis by experts

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Butn: Secures $8.5m in extra debt funding

By Steve Sam

December 28, 2021

Butn Secures $8.5m in extra debt funding

Business to business (B2B) funding innovator Butn (BTN) has secured $8.5 million in extra debt funding
The lender announced on Wednesday it had secured additional Class A Notes from Noteholders under its existing 2018-1 bond
BTN said the offer was strongly supported by noteholders and ended early after being upsized
The Class A Notes all have a maturity date of October 29 2023, with early call dates on October 29, 2022, and April 29, 2023
BTN will use the extra funding to purchase eligible receivables, with the company estimating it’ll support over $50 million of additional annual origination capacity
Company shares are trading up 12.9 per cent at 35 cents each

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