The Latest SPAC News and Rumors: August 5, 2021
by Marlena Haddad on 2021-08-05 at 11:21am

Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. 

Latest SPAC News: Pershing seeks $1 billion to fund its bet on Universal Music Group, SPACs target emerging markets, and Boxed announces $45 million secured credit facility


Pershing Said to Seek $1 Billion to Fund Universal Music Bet

Bill Ackman’s hedge fund Pershing Square Capital Management LP is in discussions to raise $1 billion to help fund its bet on Vivendi SE’s Universal Music Group, according to Bloomberg.

The firm is set to raise the capital, which would supplement $3 billion of its own capital, via a sidecar vehicle. It would represent Pershing’s seventh co-investment vehicle, and facilitate the purchase of a 10% stake in UMG.

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Boxed Announces $45 Million Secured Credit Facility Provided by Funds and Accounts Managed by BlackRock

E-commerce grocery platform Boxed announced today that it has entered into a new $45 million secured credit facility provided by funds and accounts managed by BlackRock. The new credit facility will mature on August 4, 2025, and is secured by all of the assets of Boxed and its subsidiaries.

Seven Oaks (NASDAQ:SVOK) entered into a definitive agreement to combine with ecommerce seller Boxed, at an enterprise value of $640 million, on June 14.

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