Environment=focused banking services company Aspiration and InterPrivate III Financial Partners announced today that the SPAC has secured $315 million of incremental equity financings from funds managed by Oaktree Capital Management and affiliates of investor Steve Ballmer. The funding will be used to support the SPAC’s planned acquisition of Aspiration.
The new financing includes $250 million in proceeds from the issuance of non-convertible perpetual preferred stock, paying an 8% dividend and redeemable by investors after 9 years, $50 million of investment in the form of mandatorily convertible pre-merger securities of Aspiration purchased at a SPAC equivalent price of $11 and $15 million of investment in the form of an IPVF common stock PIPE.
If approved, upon closing Aspiration is expected to list on the NYSE under ASP.
As announced in August, terms call for Aspiration’s shareholders to receive at least 175 million shares of InterPrivate III common stock, as well as up to an additional 100 million shares based on the performance in the share price over a 5-year period. A $200 million PIPE in support of the deal includes participation by funds and accounts managed by Financière Agache (the Bernard Arnault family office), Doha Venture Capital in Qatar, Capricorn Investment Group, Serengeti Asset Management, Brand Capital International (the strategic investment arm of The Times Group), Western & Southern Life Insurance, InterPrivate Capital, AGO Partners, and Drake.
Aspiration offers sustainable banking services, credit cards, and investment products. Read more.
