By Marisa Wong
Los Angeles, Nov. 3 – Abacus Life, Inc. priced $31 million of 9.875% $25-par notes due 2028, according to a Friday press release.
There is a $4.65 million over-allotment option.
Piper Sandler & Co., Ladenburg Thalmann & Co. Inc. and InspereX LLC are the joint bookrunners.
The company initially offered $40 million of fixed-rate senior notes due Nov. 15, 2028, according to an S-1 filed Wednesday with the Securities and Exchange Commission.
As previously reported, the notes will be callable at par quarterly starting in 2027.
If there is a change of control, the notes will be putable at par.
Proceeds will be used to refinance debt, including the company’s Owl Rock credit facility, and for general corporate purposes.
The company intends to list the notes on the Nasdaq Global Market under the symbol “ABLLL” within 30 days of the original issue date.
The offering is expected to close on Nov. 10.
Based in Orlando, Fla., Abacus is an alternative asset manager that invests in life insurance products throughout the lifecycle of an insurance policy.
| Issuer: | Abacus Life, Inc.
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| Amount: | $31 million
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| Greenshoe: | $4.65 million
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| Issue: | Senior notes
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| Maturity: | Nov. 15, 2028
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| Bookrunners: | Piper Sandler & Co., Ladenburg Thalmann & Co. Inc. and InspereX LLC
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| Co-manager: | A.G.P. / Alliance Global Partners
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| Trustee: | U.S. Bank Trust Co., NA
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| Counsel to issuer: | Locke Lord LLP
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| Counsel to underwriters: | Alston & Bird LLP
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| Coupon: | 9.875%
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| Face amount: | $25
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| Call option: | At par quarterly starting in 2027
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| Put option: | At par upon change of control
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| Pricing date: | Nov. 3
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| Closing date: | Nov. 10
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| Symbol: | Nasdaq: ABLLL
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