Trebia (NYSE:TREB) announced this afternoon that it is has added $50 million to it’s existing backstop to its combination with marketing platform System1.
The additional financing from Cannae Holdings, Inc. (NYSE:CNNE) will help cover any redemptions by shareholders prior to closing. Trebia originally brought about $518 million into the transaction from its current trust and Cannae initially committed to a $200 million equity backstop with $218 million more in debt commitments by BofA Securities (NYSE:BAC) to cover potential redemptions.
The transaction now includes a total of $650 million of fully committed financing, including a $400 million syndicated term loan from BofA Securities and $250 million from Cannae’s updated backstop. This committed financing, in addition to the management’s agreement to reinvest additional equity, will cover up to 100% of potential redemptions by TREB’s shareholders.
This new agreement should get Trebia over the finish line with the deal, and it has set its shareholder vote date for next Thursday, January 20. If the combination receives shareholder approval, the transaction will close on Monday, January 24, and will be listed on the NYSE on Tuesday, January 25, under the ticker symbol “SST”.
Trebia initially announced its $1.4 billion deal with System1 on June 29. Los Angeles-based System1 connects advertisers with internet users through a portfolio of websites and AI-powered marketing tools.
Exciting new things are coming for SPACInsider subscribers, and some have already arrived! This summer, SPACInsider is unveiling the SPACInsider Alerts App on iOS with an Android launch soon to follow. The app allows subscribers to stay ahead of the SPAC market with real-time, customizable filing alerts with instant notifications landing the moment that a...
At the SPAC of Dawn Futures are largely green with the CPI reading coming up, and several SPACs and de-SPACs have cause to feel bullish regardless of what the reading states. Pharma and beauty company Longevity Health (NASDAQ:XAGE) announced it will acquire plasma collection firm True Health ahead of market open in news that has...
Silver Pegasus Acquisition Corp. (NASDAQ:SPEGU) announced the pricing of its $100 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “SPEGU”, Tuesday, July 15, 2025. The new SPAC plans to search within the technology sector, with a focus on semiconductors and systems solutions. Silver Pegasus Acquisition Corp.’s management...
Cayson Acquisition Corp. (NASDAQ:CAPN) has entered into a definitive agreement to combine with boutique investment firm Mango Financial for $300 million in equity consideration. Hong Kong-based Mango provides a range of M&A and equity capital markets advisory services to clients considering listings in China and the US. The combined company is expected to trade on...
Trailblazer (NASDAQ:BLZRU) has filed for a $200 million SPAC to bring a first-time team to market with serial sponsor terms. The new SPAC is offering investors a 1/3 warrant in each unit and it is the first SPAC filed so far this month with 24 months on its initial transaction clock. All other July SPACs...