Ripple Prime has completed a private placement of senior unsecured notes that was upsized to $275 million, with Piper Sandler serving as lead placement agent. Credit rating agency KBRA assigned a BBB rating to Ripple Prime’s intermediate holding company and said the rating reflects expected support from parent company Ripple. KBRA also highlighted Ripple’s XRP reserves as a source of substantial unrecognized value on the balance sheet, describing the position as a qualitative credit positive. At the same time, the report said the notes are not backed by any written pledge of escrowed XRP and do not carry any explicit XRP-related collateral. The issuance comes as Ripple steps up its institutional finance push after acquiring Hidden Road and renaming it Ripple Prime. According to KBRA’s analysis, Ripple has injected about $500 million into the brokerage business following that transaction.
Ripple Prime has completed a private placement of senior unsecured notes that was upsized to $275 million, according to Techub News. Piper Sandler acted as lead placement agent.
KBRA assigns BBB rating
In its credit review, KBRA assigned a BBB rating to Ripple Prime’s intermediate holding company. The agency said the rating reflects its expectation of support from parent company Ripple.
KBRA also pointed to Ripple’s XRP position, saying it provides “substantial unrecognized value” on the company’s balance sheet and counts as a qualitative credit positive. The report said, however, that the notes are not supported by any written pledge of escrowed XRP and carry no explicit XRP-related collateral.
Part of Ripple’s institutional finance expansion
The note sale is part of Ripple’s push to expand its institutional finance business after acquiring Hidden Road and renaming it Ripple Prime. KBRA’s analysis said Ripple has injected about $500 million into the brokerage business following that deal.
The item cited a report from 99Bitcoins.
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