BuzzFeed to Raise $200 Million in Bonds as SPAC Deal Nears

BuzzFeed is in discussions to raise about $200 million in convertible bonds to supplement cash it will raise by merging with a special purpose acquisition company, say people familiar with the situation. The financing will help BuzzFeed fund the acquisition of digital lifestyle publisher Complex Networks, which is being negotiated at an equity value of around $300 million. (The Information)

BuzzFeed has been discussing a deal with SPAC 890 Fifth Avenue Partners for several months, with The Information reporting the two sides are “getting close to a resolution.” An announcement from the two sides is “possible in the next few weeks,” the report added. (TheWrap)