The company completed an undisclosed amount of debt refinancing round led by undisclosed lenders on August 21, 2018. Proceeds from the financing will be used by the company to fully refinance the convertible note facility that AppLovin received from Hontai Capital. Hontai will retain a small equity stake in AppLovin. Bank of America Merrill Lynch acted as financial advisor to AppLovin, and CV Capital served as an exclusive financial advisor to Hontai Capital on the transaction. Previously, the company recieved $399.99 million of development capital from Kohlberg Kravis Roberts and other undisclosed investors on August 23, 2018. Most of the transaction will be funded by the acquirer's $13.90 billion KKR Americas XII Fund.