FiscalNote refinances senior debt with $75M term loan due 2029; restructures subordinated notes

FiscalNote Holdings, Inc.

New $75M senior secured term loan from MGG Investment Group, maturing August 2029, net proceeds ~$72.9M.
Issues ~$33M convertible debentures to YA II PN; redeems $25M of existing subordinated note and extends largest subordinated creditor to 2029.
Refinancing expected to close mid-August 2025; proceeds used to retire prior senior loan and some subordinated debt.
FY25 guidance reaffirmed; management cites confidence in product-led growth strategy and operational discipline.
Debentures convertible at 94% of lowest 5-day VWAP, with floor price; company will seek stockholder approval for issuance above NYSE 20% cap.

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