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Business Wire
7 days ago
- Business
- Business Wire
FiscalNote Refinances Senior Secured Term Loan with New Four Year Facility Maturing in 2029 to Drive Long-Term Operating Flexibility
WASHINGTON--(BUSINESS WIRE)-- FiscalNote Holdings, Inc. (NYSE: NOTE), the leading provider of AI-driven policy and regulatory intelligence solutions, today announced it has entered into definitive agreements to refinance its senior debt and restructure substantially all of its subordinated debt, in a series of transactions expected to provide the Company with a clear, long-term runway and operating flexibility as it executes on driving efficient, product-led growth. Under the terms of the agreements, the Company will replace its current senior credit facility with a new, $75 million senior secured term loan — with a maturity extended to 2029 — provided exclusively by funds managed by MGG Investment Group ('MGG'). The Company will use excess proceeds from the new facility, together with new subordinated convertible debt, to refinance certain existing subordinated debt, and will amend its agreement with its largest long-term subordinated creditor to extend the maturity of its remaining balance to 2029, in line with the new senior loan. The refinancing is subject to the satisfaction of customary closing conditions, and the Company expects to close the transactions in mid-August. MGG's new, long-term commitment reflects its well-informed conviction in the strength of the Company's business and demonstrates confidence in management's strategic direction and execution. By securing a new, long-term financial partner and extending its debt maturities, FiscalNote significantly increases its operating flexibility and strengthens its balance sheet. The new senior secured term loan facility directly supports FiscalNote's plan to scale product-led growth, improve operational efficiency, and extend its leadership in policy and regulatory intelligence. The Company expects the refinancing will enable it to continue accelerating the adoption and enhancement of its category-leading platform, PolicyNote, which empowers global organizations to proactively identify and manage complex legal, regulatory, and legislative risks such as tariffs, trade restrictions, evolving laws, and emerging local ordinances. 'This refinancing is another important step in strengthening FiscalNote for the long term,' said Josh Resnik, CEO & President of FiscalNote. 'It provides us with the flexibility and stability to execute with focus, scale our product-led growth strategy, and continue delivering the AI-powered policy and regulatory intelligence our customers rely on. With MGG's support, we are well-positioned to build on our recent progress and drive sustainable growth and profitability.' 'Demand for comprehensive, trusted policy and regulatory intelligence appears exceptionally strong in today's dynamic geopolitical environment, and we are pleased to provide FiscalNote with a financing solution that enables it to capitalize on the many growth opportunities ahead,' said Kevin Griffin, Chief Executive Officer and Chief Investment Officer of MGG. Craig-Hallum served as financial advisor and Polsinelli served as legal counsel to FiscalNote. Baker Tilly supported MGG with financial due diligence related to the transaction, and Proskauer Rose served as legal counsel to MGG. Reaffirmation of FY25 Guidance: The Company reaffirms its full year 2025 forecast of total revenues of $94 to $100 million and adjusted EBITDA (1) of $10 to $12 million, reflecting confidence in its operating plan and execution as it progresses on the path to free cash flow. Positive indicators also reinforce the Company's outlook for accelerating performance in the second half of the year. The Company will report its financial results for the quarter ended June 30, 2025 after market close on August 7, 2025 and conduct a related conference call thereafter. Please refer to the Company's prior announcement for details on how to participate in the conference call. Footnote Safe Harbor Statement Certain statements in this press release may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or FiscalNote's future financial or operating performance. For example, statements regarding FiscalNote's financial outlook for future periods, expectations regarding profitability, capital resources and anticipated growth in the industry in which FiscalNote operates are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as 'pro forma,' 'may,' 'should,' 'could,' 'might,' 'plan,' 'possible,' 'project,' 'strive,' 'budget,' 'forecast,' 'expect,' 'intend,' 'will,' 'estimate,' 'anticipate,' 'believe,' 'predict,' 'potential' or 'continue,' or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks, uncertainties, and other important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Factors that may impact such forward-looking statements include: FiscalNote's ability to successfully complete the closing of its pending senior and subordinated debt financing transactions as anticipated; concentration of revenues from U.S. government agencies, changes in the U.S. government spending priorities, dependence on winning or renewing U.S. government contracts, delay, disruption or unavailability of funding on U.S. government contracts, and the U.S. government's right to modify, delay, curtail or terminate contracts; FiscalNote's ability to successfully execute on its strategy to achieve and sustain organic growth through a focus on its core Policy business, including risks to FiscalNote's ability to develop, enhance, and integrate its existing platforms, products, and services, bring highly useful, reliable, secure and innovative products, product features and services to market, attract new customers, retain existing customers, expand its products and service offerings with existing customers, expand into geographic markets or identify other opportunities for growth; FiscalNote's future capital requirements, as well as its ability to service its repayment obligations and maintain compliance with covenants and restrictions under its existing debt agreements; demand for FiscalNote's services and the drivers of that demand; the impact of cost reduction initiatives undertaken by FiscalNote; risks associated with international operations, including compliance complexity and costs, increased exposure to fluctuations in currency exchange rates, political, social and economic instability, and supply chain disruptions; FiscalNote's ability to introduce new features, integrations, capabilities, and enhancements to its products and services, as well as obtain and maintain accurate, comprehensive, or reliable data to support its products and services; FiscalNote's reliance on third-party systems and data, its ability to integrate such systems and data with its solutions and its potential inability to continue to support integration; FiscalNote's ability to maintain and improve its methods and technologies, and anticipate new methods or technologies, for data collection, organization, and analysis to support its products and services; potential technical disruptions, cyberattacks, security, privacy or data breaches or other technical or security incidents that affect FiscalNote's networks or systems or those of its service providers; competition and competitive pressures in the markets in which FiscalNote operates, including larger well-funded companies shifting their existing business models to become more competitive with FiscalNote; FiscalNote's ability to comply with laws and regulations in connection with selling products and services to U.S. and foreign governments and other highly regulated industries; FiscalNote's ability to retain or recruit key personnel; FiscalNote's ability to adapt its products and services for changes in laws and regulations or public perception, or changes in the enforcement of such laws, relating to artificial intelligence, machine learning, data privacy and government contracts; adverse general economic and market conditions reducing spending on our products and services; the outcome of any known and unknown litigation and regulatory proceedings; FiscalNote's ability to maintain public company-quality internal control over financial reporting; and FiscalNote's ability to protect and maintain its brands and other intellectual property rights. These and other important factors discussed in FiscalNote's SEC filings, including its most recent reports on Forms 10-K and 10-Q, particularly the "Risk Factors" sections of those reports, could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by FiscalNote and its management, are inherently uncertain. Nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place reliance on forward-looking statements, which speak only as of the date they are made. FiscalNote undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. About FiscalNote FiscalNote (NYSE: NOTE) is the leading provider of AI-driven policy and regulatory intelligence solutions. By uniquely combining proprietary AI technology, comprehensive data, and decades of trusted analysis, FiscalNote helps customers efficiently manage political and business risk. Since 2013, FiscalNote has pioneered solutions that deliver critical insights, enabling effective decision making and giving organizations the competitive edge they need. Home to PolicyNote, CQ, Roll Call, VoterVoice, and many other industry-leading products and brands, FiscalNote serves thousands of customers worldwide with global offices in North America, Europe, and Asia. To learn more about FiscalNote and its suite of solutions, visit and follow @FiscalNote. MGG Investment Group provides flexible capital solutions to middle-market companies across all industries. We strive to build lasting value, address immediate needs, and solve complex situations to provide our LPs with superior risk-adjusted returns. Our extensive network and relationships provide us with a plethora of sourcing that enables us to be patient and maintain investing discipline across the capital structure and in all market environments.
Business Wire
25-06-2025
- Business
- Business Wire
Spruce Power Announces Results from 2025 Annual Meeting of Stockholders and Election of Directors
DENVER--(BUSINESS WIRE)--Spruce Power Holding Corporation (NYSE: SPRU) ('Spruce' or the 'Company'), a leading owner and operator of distributed solar energy assets across the United States, announced today that all proposals at the Annual Meeting of Stockholders held on June 24, 2025 were duly adopted by shareholders. Spruce also confirmed that following the conclusion of the Company's Annual Meeting of Stockholders, Kevin Griffin retired as an independent director and Shawn Kravetz was elected as an independent director of its Board of Directors (the 'Board'). "On behalf of the Board, we would like to thank our shareholders for their continued support,' said Chris Hayes, Chief Executive Officer of Spruce. 'Further, we want to express our appreciation to Kevin Griffin for his many valuable contributions as a member of our Board. Finally, we are pleased to welcome Shawn Kravetz to the Board. Shawn brings a wealth of business acumen including extensive experience in strategy consulting, as a micro-cap investor, and as a public company board member that will enhance our Board's skill set." Results from Annual Meeting of Stockholders 2025 Annual Meeting of Stockholders proposals, all of which were recommended by the Board, were duly adopted by Company shareholders: Election of Chris Hayes, Clara Nagy McBane and Shawn Kravetz to the Board of Directors; The advisory resolution on executive compensation; and The ratification of independent auditors. Changes to Board of Directors Kevin Griffin retired as an independent director of Spruce's Board. Shawn Kravetz was elected as a new independent member of the Board. Spruce's Board of Directors remains at seven members. Kravetz is President and Chief Investment Officer of Esplanade Capital LLC, an investment management company that utilizes a value-orientation and specializes in investing in smaller, out of favor and below the radar companies, special situations and turnarounds. Prior to founding Esplanade, Kravetz was a corporate executive and strategic advisor. He served as Principal at The Parthenon Group, a leading strategy consulting boutique, and Director of Strategic Planning and Corporate Development at The CML Group. Kravetz was also a member of the board of directors at Nevada Gold & Casinos, where he was chairman of the corporate governance and nominating committee. About Spruce Power Spruce Power Holding Corporation (NYSE: SPRU) is a leading owner and operator of distributed solar energy assets across the United States. We provide subscription-based services that make it easy for homeowners to benefit from rooftop solar power and battery storage. Our power as-a-service model allows consumers to access new technology without making a significant upfront investment or incurring maintenance costs. Our company owns the cash flows from approximately 85,000 home solar assets and contracts across the United States. For additional information, please visit Forward Looking Statements Certain statements in this press release may constitute 'forward-looking statements' within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and rules promulgated thereunder. Forward-looking statements generally are characterized by the use of certain words or phrases (and their derivatives) such as 'believe,' 'continue,' 'may,' 'will,' 'estimate,' 'continue,' 'anticipate,' 'intend,' 'expect,' 'should,' 'would,' 'plan,' 'goals,' 'predict,' 'potential,' 'seem,' 'seek,' 'future,' 'outlook,' and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Forward-looking statements in this release include statements regarding the Company's strategic priorities and financial outlook including the Company's prospects for long-term growth in revenues, cash flows and earnings. These statements are based on our current plans and strategies, as well as various assumptions, whether or not identified in this press release, and on the current expectations of management, all of which management believes are reasonable as of the date of this report, and reflect our current assessment of the risks and uncertainties related to the Company's business and are made as of the date of this press release, as well as the other risks discussed under the heading 'Risk Factors' in the Company's Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on March 31, 2025, subsequent Quarterly Reports on Form 10-Q and other documents that the Company files with the SEC in the future. These factors are not exhaustive. New risk factors emerge from time to time, and it is not possible to predict all such risk factors, nor can the Company assess the impact of all such risk factors on its business or the extent to which any factor or combination of factors may cause actual results to differ materially from those contained in any forward-looking statements. Forward-looking statements are not guarantees of performance. You should not put undue reliance on these statements, which speak only as of the date hereof. The Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.
Irish Times
23-05-2025
- Sport
- Irish Times
Kerry beat Cork to retain Munster minor football title
Munster MFC final: Kerry 0-18 Cork 0-9 Eight points from Kevin Griffin went a fair chunk of the way in helping Kerry beat Cork for the second time in three weeks and retain the Munster minor football title. Indeed, this was a third provincial crown for the Kingdom in three years, and a win that will send Kerry to an All-Ireland quarter-final against the yet to be determined beaten Ulster finalists in good fettle. Three weeks ago it was a 10-point win for Kerry in Cork, and this nine-point win in Tralee simply underlined the champions superiority over the visiting Rebels. Playing with a strong wind in the first half, Cork needed to get to the interval with a decent lead, but instead it was Kerry who made it to half-time four in front, 0-8 to 0-4, and there seemed little way back for Cork. READ MORE That quarter-final three weeks ago in Páirc Uí Rinn saw Kerry win by 10 points and gulf in class was still present in Tralee, albeit Kerry needed a bit of inspiration from Griffin in the second half to see the champions push through. Cork finished with 14 men after Cathal McCarthy's sending off in the 53rd minute, which made little difference to the outcome but will see him miss the All-Ireland quarter-final. Kerry's Nick Lacey is challenged by Cork's Matthew Kiernan. Photograph: Laszlo Geczo/Inpho Kerry took the lead early through points from Danny Murphy and Ben Kelliher before Cork replied through Eoin Maguire and Ben Corkery Delaney but the visitors never led in the game. Kerry 0-5 to 0-3 to the good after 20 minutes, but Cork could ill afford a missed two-point free and a decent goal chance from Ben Corkery Delaney. Mark O'Carroll and Maguire exchanged scores before Griffin pointed twice late in the half to give Kerry that four-point lead at the break. Griffin's long-range two-point free pushed Kerry six clear early in the second half, and another orange flag from the full forward had Kerry well clear by the 50th minute, 0-14 to 0-7. There was little hope of a Cork revival at that stage, and much less so with McCarthy's red card three minutes later, with Kerry sub Tadhg O'Connell franking Kerry's win with a brace of points. KERRY: R Kennedy; R Sheridan, E Joy, T Ó Slatara; D Murphy (0-0-1), D Sargent, M Clifford; M Ó Sé, J Curtin; M O'Carroll (0-1), G White (0-0-3, 3f), A Tuohy; N Lacey, K Griffin (0-2-4, 1tp, 1tpf, 1f), B Kelliher (0-0-3, 2f). Subs: T O'Connell (0-0-2) for Lacey (46 mins), P Ó Mainnín for Tuohy (50), C McGibney for Clifford (53), J Kissane for Ó Sé (57), T O'Sullivan for Griffin (58). CORK: R Twohig; B Coffey, A Keane, M Kiernan; E Looney, C McCarthy, B Cronin; S Kelleher Leavy, R Hayes; T Whooley (0-0-1), D Flynn, N O'Callaghan; S O'Sullivan, B Corkery Delaney (0-0-3, 1f), E Maguire (0-0-4, 2f). Subs: J Miskella for O'Sullivan (h-t), E O'Sullivan (0-1) for O'Callaghan, J O'Leary for Looney (both 37 mins), J Hanrahan for Kelleher Leavy (53), L O'Mahony for Whooley (58). Referee: T McGrath (Limerick).
