By Mary-Katherine Stinson
Lexington, Ky., Feb. 9 – Abacus Life, Inc. will sell a $15 million add-on to its 9.875% $25-par notes due Nov. 15, 2028, according to a filing with the Securities and Exchange Commission.
There is a $2.25 million greenshoe.
Piper Sandler & Co., A.G.P./Alliance Global Partners and Ladenburg Thalmann & Co. Inc. are the bookrunners.
The notes will be additional notes under the indenture governing the existing notes, which were sold for a total of $35.65 million, including the greenshoe, back in November.
As previously reported, the notes will be callable at par starting Feb. 15, 2027.
If there is a change of control, the notes will be putable at par.
Proceeds will be used to refinance debt and for general corporate purposes.
The offering is expected to close Feb. 15.
The notes are listed on the Nasdaq Global Market under the symbol “ABLLL.”
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: | $15 million
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| Greenshoe: | $2.25 million
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| Issue: | Senior notes
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| Maturity: | Nov. 15, 2028
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| Bookrunners: | Piper Sandler & Co., A.G.P./Alliance Global Partners and Ladenburg Thalmann & Co. Inc.
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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 bookrunners: | Alston & Bird LLP
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| Coupon: | 9.875%
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| Face amount: | $25
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| Call features: | At par starting Feb. 15, 2027
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| Put option: | At par upon change of control
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| Settlement date: | Feb. 15
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| Total issue: | $50.65 million, including $35.65 million issued Nov. 10
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