Beneficient Closes on $25 Million Term Loan Financing
DALLAS, Oct. 19, 2023 (GLOBE NEWSWIRE) -- Beneficient (NASDAQ: BENF) (“Ben” or the “Company”), a technology-enabled financial services holding company that provides liquidity and related trust and custody services to holders of alternative assets, today announced that, through an indirect subsidiary, it has entered into and closed on a $25 million three-year term loan financing with HH-BDH LLC (“Hicks”), an entity associated with Tom Hicks, a member of Beneficient’s board of directors. The Company plans to utilize the proceeds to repay certain of its outstanding obligations, fund product distribution, and provide additional working capital.
- The Company plans to utilize the proceeds to repay certain of its outstanding obligations, fund product distribution, and provide additional working capital.
- The three-year term loan is secured by various assets owned by Beneficient and related entities.
- In addition, the terms of the loan include a prepayment fee if all or any portion of the loan principal is paid back prior to two years following the closing date.
- Hicks received funding for the term loan financing through a loan from an unaffiliated financial institution.