June 5, 2018
CRB Group, Inc. Closes $27 Million Notes Offering
FORT LEE, N.J. - CRB Group, Inc., the parent company of Cross River, announced today the completion of its offering of $27 million in Senior Unsecured Notes due June 15, 2023 (the “Notes”). The Notes were sold at par with a 6.25% coupon. The Notes are rated BBB- (Stable) from Kroll Bond Rating Agency, Inc.
The net proceeds from the offering will be used for general corporate purposes, including to support the growth of Cross River. Cross River’s offerings include marketplace lending, payments and strategic financing, as well as small business and commercial real estate lending.
This is Cross River’s first institutional funding since a $29 million Series A round in November 2016, led by tech-focused investment firms Andreessen Horowitz, Battery Ventures and Ribbit Capital.
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