Filed by InterPrivate III Financial Partners Inc. pursuant to
Rule 425 under the Securities Act of 1933
and deemed filed pursuant to Rule 14a-12
under the Securities Exchange Act of 1934
Subject Company: InterPrivate III Financial Partners Inc.
Commission File No.: 001-40151
Oaktree, Ballmer Bet $315 Million on Aspiration Before SPAC Deal
Bloomberg News Enterprise Published: Dec 15 2021 05:00:01
News Story
By
Gillian Tan (Bloomberg)
Oaktree Capital Management LP
and investment affiliates of billionaire Steve Ballmer have committed $315 million in additional financing to green fintech company Aspiration ahead of its merger with InterPrivate III Financial Partners Inc., a blank-check firm.
The financing includes $65 million, of which about $50 million is structured as convertible preferred stock drawn by Aspiration that converts into
equity at an equivalent price of $11 a share, InterPrivates Ahmed Fattouh said in an interview. It separately features $250 million in non-convertible perpetual preferred stock set to fund
Wednesday, and which pays an 8% annual dividend and can be redeemed after nine years, said Aspiration Chief Executive Officer Andrei Cherny. The remaining $15 million is a private investment in public equity, or PIPE, to fund upon the
deals completion.
Given the current market environment, we are very pleased to have raised equity capital at these terms, Fattouh said.
The capital infusion provides more certainty that Aspiration can execute on its growth plan.
Los Angeles-based Aspiration, which counts
actors Orlando Bloom and Leonardo DiCaprio among investors, in August agreed to merge with the InterPrivate vehicle, confirming an earlier Bloomberg News report. It said it had secured a $200 million PIPE, from investors including Bernard
Arnaults family office Financiere Agache, Doha Venture Capital, Serengeti Asset Management and Canadian rapper Drake.
Including fresh financing
from Oaktree and Ballmers affiliates, the company is poised to have more than $700 million in proceeds assuming no redemptions upon the deals close, Fattouh said.
As fighting climate change continues to become front and center for more people and businesses, Aspirations technology, brand and community of
members make it one of the most significant new equities in the public markets, Ballmer said in an emailed statement.
Aspiration has been
bolstering its enterprise offerings as corporations and consumers accelerate their focus on sustainability, Cherny said. In November, it announced a partnership with subsidiaries of South Koreas Hanwha Group, as well as a strategic partnership
with Qatar Free Zones Authority and Doha Venture Capital. This month, Aspiration said it struck a multi-year partnership with Athletes Unlimited, a move which the two said may lead to the first U.S. carbon neutral professional sports league.
Aspiration in September became a founding partner in Intuit Dome, the arena thats being built as a home for the Los Angeles Clippers, the basketball
team that Ballmer owns.