Digital Currency Group secures $600 million credit line

The Digital Currency Group (DCG), led by Barry Silbert, secured $600 million in debt financing. Eldridge acted as administrative agent for the credit facility.

Digital Currency Group Raises New $600 Million Credit Facility
https://t.co/wknaLuzfy7

— Barry Silbert (@BarrySilbert) November 18, 2021

Debt capital was provided by Capital Group, Davidson Kempner Capital Management, Francisco Partners, and other institutional lenders.

Goodwin Procter of Boston acted as legal counsel to the deal, while financial advice was provided by Ducera Partners, a New York-based investment bank.

According to the press release, the deal “expands DCG’s strategic, operational and financial capabilities, reduces the cost of capital and stimulates growth of its investment portfolio, as well as wholly owned subsidiaries.” The company has for the first time accessed the debt capital markets.

“This financing strengthens our ability to respond dynamically to market opportunities. We are pleased to be working with a group of top-tier institutional lenders, and as a profitable and fast-growing company, we are fortunate to have access to these funds at an attractive cost of capital,” said Silbert.

Earlier in November, existing DCG shareholders conducted a private sale of securities worth $700 million. The deal valued the company at $10 billion. The group’s capital includes CapitalG (the Alphabet Inc.-backed investment firm), SoftBank’s Vision Fund 2 and Latin America Fund, and Ribbit Capital.

Earlier in the month, reports emerged that DCG planned to launch a division for managing the assets of crypto-millionaires.