Ripple Prime Raises $275 Million in Private Debt to Expand US Business

Ripple Prime, Ripple’s prime brokerage unit, raised $275 million in the private debt market to expand its US business.

Bloomberg reported on August 18 that Ripple Prime sold $275 million of privately placed senior unsecured notes due in 2031. The notes carry an 8.25% coupon and were rated BBB by KBRA.

Piper Sandler led the offering. Ripple Prime plans to use the proceeds to expand its US prime brokerage business and for general corporate purposes.

Private placements allow companies to raise funds directly from institutional investors, including life insurers, without tapping the public bond market. The structure can provide relatively stable funding even during periods of market volatility.

Ripple acquired prime brokerage firm Hidden Road for $1.25 billion last year and renamed it Ripple Prime. It has since been expanding its prime brokerage business for institutional investors.