Omnichannel customer acquisition marketing platform System1 announced that merger partner Trebia Acquisition secured additional funds for a fully-backstopped transaction to cover any redemptions by Trebia’s public shareholders.
Amendments to the proposed business combination include:
- The previously announced $200 million equity backstop from Cannae has been increased by $50 million to $250 million.
- The transaction now includes up to $650 million of fully committed financing, comprised of a syndicated term loan of $400 million led by BofA Securities and the $250 million Cannae backstop that, together with a portion of the debt commitment, will be utilized as a backstop to cover potential redemptions by Trebia’s public shareholders.
- The committed financing, combined with management’s agreement to reinvest additional equity, will cover up to 100% of potential redemptions by Trebia’s public stockholders.
- The merger is expected to close Jan. 24, subject to shareholder approval at the Jan. 20 meeting.
- Upon closing, the company is expected to be listed on the NYSE on Jan. 25 under the ticker symbol “SST”. Read more.
