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
