FinTechFunding

Butn: Secures $8.5m in extra debt funding

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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Steve Sam
Steve Sam
Steve Sam is a financial reporter, analyst, and commentator with a strong focus on banking technology, digital payments, and the future of financial services.

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