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BuzzFeed To Raise $200 Million in Bonds As SPAC Deal Nears

The Information | June 10, 2021, 3:09 p.m.

BuzzFeed is in discussions to raise about $200 million in convertible bonds to supplement cash it will raise by merging with a special purpose acquisition company, say people familiar with the situation. The financing will help BuzzFeed fund the acquisition of digital lifestyle publisher Complex Networks, which is being negotiated at an equity value of around $300 million.BuzzFeed’s discussions with the SPAC known as 890 Fifth Avenue Partners are getting close to a resolution with an announcement possible in the next few weeks, the people said. The negotiations with Complex are still underway and a deal is far from certain, said one of the people.

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