{"id":793769,"date":"2024-12-10T08:37:49","date_gmt":"2024-12-10T13:37:49","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/abacus-life-closes-150-million-debt-financing-facility-to-support-continued-growth\/"},"modified":"2024-12-10T08:37:49","modified_gmt":"2024-12-10T13:37:49","slug":"abacus-life-closes-150-million-debt-financing-facility-to-support-continued-growth","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/abacus-life-closes-150-million-debt-financing-facility-to-support-continued-growth\/","title":{"rendered":"Abacus Life Closes $150 Million Debt Financing Facility to Support Continued Growth"},"content":{"rendered":"
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ORLANDO, Fla., Dec. 10, 2024 (GLOBE NEWSWIRE) — Abacus Life, Inc. (\u201cAbacus\u201d or the \u201cCompany\u201d) (NASDAQ: ABL), a pioneering global alternative asset manager specializing in leveraging longevity data and actuarial technology to offer uncorrelated investment opportunities, announced today that it has successfully closed a $150 million debt financing facility. The facility was structured to offer flexible terms, with the goal of ensuring that Abacus is well positioned to meet its long-term strategic objectives. The financing was arranged and led by Sagard, with V\u00e4rde Partners holding a significant commitment.<\/p>\n

\u201cWe are excited to close this debt financing facility, which represents a major step forward for Abacus Life,\u201d said Jay Jackson, CEO of Abacus Life. \u201cThis funding provides us with sufficient capital to meet our inventory demand and ensures that we will not need to raise incremental equity in the foreseeable future. It empowers us to continue growing our business and strengthen our position as an industry leader. We are confident that this facility will play a critical role in our continued success as we expand our capabilities and deliver value to our stakeholders.\u201d<\/p>\n

Elena Plesco, Chief Capital Officer of Abacus Life, added, \u201cThis facility represents a significant milestone for our Company, providing us with the financial flexibility to continue executing our strategic vision. The strong support from our new institutional partners at Sagard and V\u00e4rde reflects confidence in our business model and growth trajectory. We are committed to using these funds to further strengthen our operations and unlock new opportunities for both our clients and investors.\u201d<\/p>\n

Adam Vigna, Co-founder and CIO of Sagard, commented on the transaction: “This underscores our commitment to providing innovative credit solutions. We are excited to collaborate with Abacus Life. This facility will provide them with the resources to strengthen operations, expand offerings, and solidify their position as a market leader.”<\/p>\n

\u201cIt has been a pleasure to work with Jay and the team over the past several years, and we are pleased to partner with Sagard on this bespoke financing solution to support Abacus Life\u2019s continued growth as a leader in life settlements,\u201d said Monty Cook, Head of Asset-Based Finance, North America Lending at V\u00e4rde Partners.<\/p>\n

\n Advisors<\/strong>\n <\/p>\n

Milbank LLP is acting as legal advisor to Abacus Life and Morrison & Foerster LLP is acting as legal advisor to Sagard and V\u00e4rde Partners.<\/p>\n

\n About Abacus<\/strong>\n <\/p>\n

Abacus is a pioneering global alternative asset manager and market maker specializing in uncorrelated financial products. The company leverages its proprietary, cutting-edge longevity data and actuarial technology to purchase life insurance policies from consumers seeking liquidity. This creates a high-return asset class uncorrelated to market fluctuations for institutional investors.<\/p>\n

With nearly $3 billion in assets under management, including recently completed acquisitions, Abacus is the only publicly traded global alternative asset manager focused on lifespan-based financial products.<\/p>\n

Abacus is expanding its leading expertise in longevity and lifespan into new growth areas:<\/p>\n