Green Dot Raises $45M in Senior Notes

By Tamara Parker • Saturday, September 07 07:54 • Permanent Link

Green Dot Corporation (NYSE: GDOT) recently announced the completion of a private placement of $45 million in aggregate principal amount of its 8.75% fixed rate senior notes due 2029. The notes are unsecured and have a five-year term, maturing on September 15, 2029, and will bear interest at a fixed annual rate of 8.75%, payable semi-annually in arrears. The net proceeds from the offering are intended to be used for the repayment of the company’s outstanding indebtedness under its revolving credit facility and for general corporate purposes, including working capital.

Raymond James & Associates, Inc. served as the sole placement agent for the offering, while Orrick, Herrington & Sutcliffe LLP served as legal counsel to the company, and Hunton Andrews Kurth LLP served as legal counsel to the placement agent.

In terms of its financial performance, Green Dot Corporation is a financial technology and registered bank holding company committed to providing consumers and businesses with a broad set of financial products and services. The company's flagship digital banking platform, Go2Bank, aims to offer consumers simple and accessible mobile banking designed to help improve financial health over time. Additionally, its banking platform services business enables a growing list of some of the world’s largest and most trusted consumer and technology brands to deploy customized, seamless, value-driven money management solutions for their customers.

Founded in 1999, Green Dot Corporation has served more than 33 million customers directly and many millions more through its partners. The company's network of more than 90,000 retail distribution locations nationwide enables it to operate primarily as a "branchless bank."

The completion of the senior notes offering marks a significant financial move for Green Dot Corporation as it continues to expand its reach and offerings in the financial technology space. Today the company's shares have moved -3.4% to a price of $10.56. If you want to know more, read the company's complete 8-K report here.

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