FiscalNote Secures $250M for Duddell Street Acquisition Deal

FiscalNote Holdings and Duddell Street Acquisition announced FiscalNote signed a commitment letter for a credit facility of up to $250 million. The senior debt funding would come from Runway Growth Capital, ORIX Growth Capital, and Atalaya Capital Management.

FiscalNote and the SPAC also announced the establishment of a bonus pool for non-redeeming DSAC shareholders.

The expanded credit facility will provide a 5-year senior secured term loan of up to $250 million, including an aggregate principal amount of $150 million financing committed at closing with an additional accordion facility for $100 million, subject to certain conditions.

FiscalNote and DSAC are also allocating, on a pro rata basis, the 10 million shares previously reserved for the PIPE into a bonus pool available to non-redeeming DSAC public shareholders and backstop providers, with existing FiscalNote equity holders retaining approximately 75% pro forma equity ownership in the post-business combined company.

In addition, the parties expanded the scope of the earnout structure, providing existing FiscalNote equity holders the opportunity to receive additional shares of common stock of the combined company if certain stock price growth targets are achieved.

FiscalNote is an AI-driven enterprise SaaS company that delivers legal and regulatory data and insights. Read more.

Total
0
Shares
Related Posts