CTPartners announced it has closed on the sale of $6.25 million of second-lien notes due April 2020, the first of two tranches of notes issuable pursuant to its note purchase agreement with a publicly traded insurance company and an affiliate thereof. The company announced on April 8, 2015 that it had entered into a $12.5 million aggregate principal amount second-lien note purchase agreement. The proceeds of the sale of the notes will be used to reduce the amounts outstanding under the Company's senior revolving credit facility.

The second tranche of $6.25 million of second-lien notes is scheduled to close 90 days after the first funding, subject to certain conditions set out in the Note Purchase Agreement. The notes bear interest at an adjusted LIBOR rate (as defined in the Note Purchase Agreement) which is currently approximately 12%, which rate is subject to reduction upon the Company's satisfaction of financial and other covenants set forth in the Note Purchase Agreement for 12 consecutive months. All of the notes issued under the Note Purchase Agreement mature in April 2020.