Ripple Prime Prints $275 Million BBB Notes for the US Prime-Broker Build

Ripple Prime closed an upsized $275 million private placement of senior unsecured notes on Tuesday in San Francisco. The notes are issued by the non-bank prime broker. Proceeds are working capital and general corporate purposes inside a regulated entity.

This is a closed financing. It is not an XRP tape.

Size, rating, banker

Item	Print
Issuer	Ripple Prime
Size	upsized $275 million
Security	senior unsecured notes, private placement
Rating	BBB (KBRA) on the notes; BBB issuer rating already on Ripple Prime
Agent	Piper Sandler & Co., lead placement agent
Use	working capital and general corporate purposes

Noel Kimmel, president of Ripple Prime, called it the firm’s “inaugural notes offering.” He said the book gives “an additional source of capital to invest in our team and technology.”

The company release does not print a coupon, a maturity, the original size before the upsize, or investor names. Those are not here.

Why it is a US working-capital print

The notes sit inside the regulated prime-broker entity. The use of proceeds is US working capital against “strong client demand” for multi-asset clearing, prime brokerage, and financing, according to the release. KBRA’s BBB is the credit stamp. Piper Sandler is the placement stamp.

The chain is an upsized private book, an investment-grade rating, and a banker, to a balance-sheet that can fund the US build without touching the token tape.

Informational only. Not trading advice, signals, or a guarantee of any market outcome.