Simpson Thacher represented the initial purchasers, led by BofA Securities, Inc. and Barclays Capital Inc., in connection with a debut Rule 144A/Regulation S offering by Figure Technology Solutions, Inc. (“Figure”) of $600 million aggregate principal amount of 8.500% Senior Notes due 2031. Figure intends to use the net proceeds from this offering to fund the cash consideration payable in connection with the acquisition of Kiavi Inc., for general corporate purposes and to pay fees and expenses related to the offering.
Figure is a blockchain-native capital marketplace that seamlessly connects origination, funding, and secondary market activity. More than 380 partners use its loan origination system and capital marketplace. Collectively, Figure and its partners have originated approximately $29 billion of home equity to date, among other products, making Figure’s ecosystem the largest non-bank provider of HELOCs. Figure is the market leader in real-world asset tokenization. The company has received AAA ratings from S&P and Moody’s on multiple loan securitizations, the first of its kind for blockchain finance.
The Simpson Thacher team included David Azarkh, Evan Zuckerman, Alexander Grynszpan and Orly Levy (Capital Markets); Amanda Allexon and Dasha Kolyaskina (Financial Institutions); Kate Mirino and Tally Smitas (Intellectual Property); Michael Mann (Tax); and George M. Gerstein (ERISA). Summer associate Alexandra Costanzo also provided valuable assistance.