What's Going On With BuzzFeed Stock Tuesday?

BuzzFeed, Inc. BZFD shares are trading higher Tuesday after the company announced it entered into a $40 million term loan provided by SoundPoint Agency.

What To Know: The agreement will offer BuzzFeed increased financial flexibility to support its business operations, simplify its capital structure and invest in strategic initiatives.

The company intends to use a portion of the proceeds to repay, in full, its outstanding convertible notes. 

The company also agreed to purchase 1.8 million shares of its Class A common stock in a privately negotiated transaction with a single shareholder at a price of $1.824 per share. 

The new credit facility enhances BuzzFeed’s capital position and accelerates its focus on long-term growth and financial discipline.

See Also: Apple Stock ‘One Of The Biggest Beneficiaries’ Of US-India Trade Deal: ‘Producing iPhones In The US Is A Fairy Tale’

BZFD Price Action: At the time of writing, BuzzFeed stock is trading 24.2% higher at $2.38, according to data from Benzinga Pro.

Image: This illustration was generated using artificial intelligence via Midjourney.