EMERGENT CAPITAL, INC. (NYSE:EMG) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement.
Amended and Restated Promissory Note (the Amended and Restated
Promissory Note) to PJC Investments, LLC (PJC) to amend and
restate that certain Promissory Note dated as of May 15, 2017 by
and between the Company and PJC in order to provide increased
financing to fund the Companys continued operations and to make
an interest payment under the Companys outstanding 15.0% Senior
Secured Notes due 2018 (the 15.0% Senior Notes). The Amended and
Restated Promissory Note increases the principal amount from $1.5
million to $3.3 million and extends the maturity date from July
3, 2017 to July 28, 2017.
National Association, as indenture trustee (the Trustee), entered
into the Third Supplemental Indenture (the Senior Supplemental
Indenture), implementing certain amendments to the Indenture
dated as of March 11, 2016 (as amended and supplemented or
otherwise modified from time to time, the Senior Secured
Indenture) governing the Companys outstanding 15.0% Senior Notes
following the Companys receipt of requisite consents of the
holders of the 15.0% Senior Notes. The Senior Supplemental
Indenture amends the Senior Secured Indenture to (i) modify the
definition of Permitted Indebtedness to include the increased
principal amount to the Amended and Restated Promissory Note and
(ii) amend the definition of Payment Date, so that beginning with
and including July 14, 2017, the interest payment date occurs
monthly, as opposed to quarterly.
Note and Senior Supplemental Indenture is a summary only and is
qualified in its entirety by reference to the full text of the
Amended and Restated Promissory Note and Senior Supplemental
Indenture, which will be filed as Exhibits 4.1 and 4.2 to the
Companys Quarterly Report on Form 10-Q for the period ending June
30, 2017 and are incorporated herein by reference.
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Item 2.03.
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Creation of a Direct Financial Obligation or an Obligation
under an Off-Balance Sheet Arrangement of a Registrant. |
is incorporated herein by reference.
About EMERGENT CAPITAL, INC. (NYSE:EMG)
Emergent Capital, Inc., formerly Imperial Holdings, Inc., is a specialty finance company that invests in asset classes, primarily life settlements. The Company, through its subsidiary companies, owns a portfolio of approximately 630 life insurance policies (life settlements). The Company purchases individual policies and portfolios of life insurance policies and manages those assets based on actuarial and market data. The Company provides customized liquidity solutions to owners of illiquid financial assets in two markets, which include life finance and structured settlements. The Company focuses on lending to outright purchases of portfolios, to tertiary trades, as well as individual secondary market purchases. The Company invests in short and long-term life settlement investments.