Shares of real estate company Redfin rose in Monday’s post-market trading after the company said funds managed by Apollo Capital Management and its affiliates agreed to commit up to $250 million in financing.
The financing will be structured as a first lien term loan facility, the company said.
The company’s stock rose 15% to $5.86 at 4:50 p.m. ET. The shares finished the day’s regular session with a gain of less than 1%, closing at $5.10.
As part of the deal, Redfin said it will repurchase $5 million principal amount of its convertible notes due in 2025 and $72 million principal amount of its convertible notes due in 2027 held by Apollo, for an aggregate repurchase price of about $50 million.