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BuzzFeed, Inc. (NASDAQ:BZFD) shares are trading higher Tuesday after the company announced it entered into a $40 million term loan provided by SoundPoint Agency.
What To Know: The agreement will offer BuzzFeed increased financial flexibility to support its business operations, simplify its capital structure and invest in strategic initiatives.
The company intends to use a portion of the proceeds to repay, in full, its outstanding convertible notes.
The company also agreed to purchase 1.8 million shares of its Class A common stock in a privately negotiated transaction with a single shareholder at a price of $1.824 per share.
The new credit facility enhances BuzzFeed’s capital position and accelerates its focus on long-term growth and financial discipline.
BZFD Price Action: At the time of writing, BuzzFeed stock is trading 24.2% higher at $2.38, according to data from Benzinga Pro.
Image: This illustration was generated using artificial intelligence via Midjourney.
Posted In: BZFD
