News Column

Imperial Announces Private Offering of $70 Million of Senior Unsecured Convertible Notes

February 28, 2014



By a News Reporter-Staff News Editor at Insurance Weekly News -- Imperial Holdings, Inc. (NYSE:IFT) ("Imperial") announced that is has commenced a private offering of $70 million aggregate principal amount of Senior Unsecured Convertible Notes Due 2019 (the "Notes"), which are anticipated to be sold, subject to market and other conditions, to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), and to accredited investors pursuant to Regulation D under the Securities Act.

The Notes will be senior unsecured obligations of Imperial. The interest rate and other terms of the Notes will be determined by negotiations between Imperial and the initial purchaser of the Notes. Imperial expects to grant the initial purchaser a 30-day option to purchase up to an additional $14 million aggregate principal amount of the Notes to cover over-allotments, if any.

Imperial intends to use the proceeds from the offering to make selective investments in the life settlement asset class, including by lending against portfolios of life insurance policies and by strategically acquiring life insurance policies in the secondary and tertiary markets. Imperial may also use a portion of the proceeds to pay premiums on certain life insurance polices that it owns and for general corporate purposes, including working capital.

Keywords for this news article include: Insurance Companies, Imperial Holdings Inc..

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Source: Insurance Weekly News


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