Abacus Life Prices Public Offering Of $25M Additional 9.875% Notes Due 2028
Portfolio Pulse from Benzinga Newsdesk
Abacus Life has announced a public offering of $25M in additional 9.875% notes due 2028, fully fungible with the existing $35.65M notes issued on November 10, 2023. This will increase the total notes to $60.65M. An option for underwriters to purchase up to an additional $3.75M in notes for overallotments is included. The offering is set to close on February 15, 2024.
February 12, 2024 | 12:36 pm
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Abacus Life's public offering of $25M in additional 9.875% notes due 2028 could potentially increase the company's debt but also provide additional capital for growth or operations.
The offering of additional notes increases the company's debt, which could be seen negatively by investors concerned about higher debt levels. However, the capital raised could be used for growth or operational needs, potentially having a neutral to slightly positive impact on the stock in the short term, depending on investor perception of the company's use of proceeds.
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