Fundworks sells $20 million senior notes to institutional investors

By Devika Patel

Knoxville, Tenn., July 14 – Fundworks, LLC has sold $20 million of senior notes to a group of U.S.-based institutional investors, according to a press release.

The company also closed a $25 million credit facility with a commercial bank, which is expandable up to a total of $50 million.

The revolver has an accordion feature that may increase the credit facility to $30 million.

Brean Capital, LLC was the agent on both transactions.

Proceeds were used to refinance the company's existing senior credit facility and subordinated debt and provide substantial excess capital to fund the continued growth of its platform.

The tech-enabled small business loan funding agency is based in Van Nuys, Calif.

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