Bridge Investment Group Holdings closed on $150 million of senior notes and refinanced its existing Senior Secured Credit Facility (“Credit Facility”), increasing it from $75 million to $125 million.
On June 3, 2022, the Company entered into a $150 million note purchase agreement pursuant to which its operating company, Bridge Investment Group Holdings LLC, issued two tranches of notes in a private placement offering with a weighted average interest rate of 5.05% as of the issuance date. The transaction consists of $75 million of 5.00% notes with a ten-year term maturing on July 12, 2032, and $75 million of 5.10% notes with a twelve-year term maturing on July 12, 2034.
In addition, the Company refinanced a $75 million line of credit that was set to mature in July 2022. The new Credit Facility was increased to $125 million and matures on June 3, 2024 (subject to extension under certain circumstances). Additionally, the new Credit Facility can be increased up to $225 million, contingent upon certain criteria being met.
“These transactions bolster our balance sheet and give us increased flexibility to continue to take advantage of organic and inorganic opportunities to accelerate growth” said Katie Elsnab, Chief Financial Officer of the Company. “We appreciate the support of our debt capital partners and look forward to working closely with them as we continue to pursue our attractive opportunity set.”
For the Credit Facility, CIBC and Zions Bancorporation, N.A. d/b/a Zions First National Bank served as Joint Lead Arrangers.