- Voyager Digital (VOYG) is announcing a new credit facility and potential loan default to a subsidiary
- Subsidiary Voyager Digital Holdings has signed a definitive agreement with Alameda Ventures for a US$200M cash and USDC stablecoin revolver and a 15,000 BTC revolver
- Subsidiary Voyager Digital LLC may issue a notice of default to Three Arrows Capital for failure to repay its loan consisting of 15,250 BTC and $350M USDC
- Voyager Digital offers cryptocurrency trading and payment solutions
- Voyager Digital (VOYG) is down by 61.88 per cent trading at $0.61 per share
Voyager Digital (VOYG) is announcing a new credit facility and potential loan default to a subsidiary.
Subsidiary Voyager Digital Holdings has entered into a definitive agreement with Alameda Ventures related to a previously disclosed credit facility to help meet customer liquidity needs during the current crypto market downturn.
Alameda will provide a US$200M cash and USDC stablecoin revolver and a 15,000 BTC revolver.
As of June 20, 2022, Voyager had approximately US$152M in cash and crypto assets on hand, as well as approximately US$20M in cash restricted for the purchase of USDC.
Alameda will release no more than US$75M over a rolling 30-day period. Voyager’s corporate debt must also be limited to 25 per cent of customer assets on the platform, less US$500M, and it must secure additional sources of funding within 12 months.
Alameda indirectly holds 11.56 per cent of Voyager’s outstanding common and variable voting shares.
Subsidiary Voyager Digital LLC may issue a notice of default to Three Arrows Capital (3AC) for failure to repay its loan. The loan consists of 15,250 BTC and $350M USDC. The company has requested a $25M USDC repayment by June 24, 2022, and payment in full by June 27, 2022. It intends to pursue legal remedies if deemed necessary.
Voyager Digital offers cryptocurrency trading and payment solutions.
Voyager Digital (VOYG) is down by 61.88 per cent trading at $0.61 per share as of 10:44 am EST.