FiscalNote Holdings, Inc. (NYSE: NOTE), a provider of AI-driven policy and regulatory intelligence solutions, has entered into definitive agreements to refinance its senior debt and restructure a significant portion of its subordinated debt. This series of transactions is anticipated to offer the company long-term operational flexibility as it pursues product-led growth.
Under the terms of the agreements, FiscalNote will replace its existing senior credit facility with a new $75 million senior secured term loan, provided exclusively by funds managed by MGG Investment Group (“MGG”). The maturity of this new loan will be extended to 2029. Proceeds from this new facility, combined with new subordinated convertible debt, will be utilized to refinance specific existing subordinated debt. Additionally, FiscalNote will amend its agreement with its primary long-term subordinated creditor to extend the maturity of its remaining balance to 2029, aligning it with the new senior loan. The refinancing is subject to customary closing conditions and is expected to close in mid-August.
MGG’s commitment reflects its assessment of FiscalNote’s business strength and management’s strategic direction. By securing this new, long-term financial partner and extending its debt maturities, FiscalNote aims to enhance its operating flexibility and strengthen its balance sheet. The new senior secured term loan facility is intended to support FiscalNote’s strategy to scale product-led growth, improve operational efficiency, and reinforce its position in policy and regulatory intelligence. The company anticipates that this refinancing will facilitate the continued adoption and enhancement of its platform, PolicyNote, which assists global organizations in proactively identifying and managing legal, regulatory, and legislative risks such as tariffs, trade restrictions, evolving laws, and emerging local ordinances.
Josh Resnik, CEO & President of FiscalNote, stated, “This refinancing is another important step in strengthening FiscalNote for the long term. It provides us with the flexibility and stability to execute with focus, scale our product-led growth strategy, and continue delivering the AI-powered policy and regulatory intelligence our customers rely on. With MGG’s support, we are well-positioned to build on our recent progress and drive sustainable growth and profitability.”
Kevin Griffin, Chief Executive Officer and Chief Investment Officer of MGG, commented, “Demand for comprehensive, trusted policy and regulatory intelligence appears exceptionally strong in today’s dynamic geopolitical environment, and we are pleased to provide FiscalNote with a financing solution that enables it to capitalize on the many growth opportunities ahead.” MGG Investment Group provides flexible capital solutions to middle-market companies.
Craig-Hallum served as financial advisor and Polsinelli served as legal counsel to FiscalNote. Baker Tilly provided financial due diligence support to MGG, with Proskauer Rose serving as legal counsel to MGG.
The company has reaffirmed its full year 2025 forecast, projecting total revenues of $94 million to $100 million and adjusted EBITDA of $10 million to $12 million. This outlook is based on confidence in its operating plan and progress toward free cash flow. FiscalNote expects to report its financial results for the quarter ended June 30, 2025, after market close on August 7, 2025.
