Lime raises US$523 million as it prepares to go public
Torys acted as counsel to Sixty Degree Capital as an investor with a team that included Cheryl Reicin, Jacob Weinstock and Shane Thomas (corporate/life sciences).
On November 5, 2021, Lime (formerly LimeBike and incorporated as Neutron Holdings Inc.) announced that it raised US$523 million through a convertible debt and term loan financing.
Of the total funding amount, US$418 million was raised in the form of convertible debt led by Abu Dhabi Growth Fund, Fidelity Management & Research Company, Uber Technologies Inc. and certain funds managed by Highbridge Capital Management LLC, among other participating investors. Lime has stated its intention to go public in 2022, at which time the debt would automatically convert into shares.
The remaining US$105 million comes in the form of a senior secured term loan facility made available by the private credit group UBS O’Connor. The terms of the loan were not disclosed.
Further information can be found on Lime’s website.
Lime aims to revolutionize mobility in cities and campuses by empowering residents with a greener, more efficient, and affordable transportation option that also sustainably improves urban mobility.