AppLovin refinances convertible note facility from Hontai

AppLovin, a mobile gaming platform, has secured a credit facility of an undisclosed sum to refinance the convertible note facility it received from Hontai Capital. No financial terms were disclosed. As a result of the transaction, Hontai will retain a small equity stake in AppLovin. Bank of America Merrill Lynch is serving as financial adviser to AppLovin while CV Capital is doing likewise to Hontai Capital on the transaction. Last month, KKR said it was buying a stake in AppLovin for $400 million.

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