Market Watch: Crossroads Trading Co, Inc. closes for $1.6 billion in debt
The stock exchange operator of crossroads trading company Crossroads, Inc., is seeking a $1 billion debt financing and restructuring, according to a filing with the Securities and Exchange Commission.
The company, which trades under the trade name Crossroads Trades, has raised $1 million from investors including Andreessen Horowitz, Union Square Ventures, Sequoia Capital, Capital One and others, the filing said.
The company had $1,845 million in revenue in its fiscal year that ended Sept. 30.
Crossroads, which was founded in 2013, operates the trading platform for stocks, ETFs and futures, according the SEC filing.
Crossroad was incorporated in March 2016 by former JPMorgan Chase executive David Bresnahan, according data compiled by Bloomberg.
The SEC filing also said Crossroads raised $6 million in capital in September.
The $1-billion deal was announced Thursday, the same day that the SEC issued a preliminary approval for Crossroads to apply for a loan from the National Association of Realtors.
The lender must approve Crossroads’ application within 90 days.
Crossbones, which had about 8,500 employees, is seeking to raise $200 million in debt financing.
The debt would be backed by Crossroads’s assets.
Crossbones also has about $5.7 billion in total assets, according financial disclosure filings.
Crossroads was founded by Bresnanahan in 2013.
The securities firm is seeking $500 million in financing from a credit card issuer, according a regulatory filing with Finra.
The Crossroads transaction is the latest in a wave of corporate mergers and acquisitions in recent years.