Abacus Life (ABL), which initially sold an issue of baby bonds on 11/10/2023 has now sold more of the same issue, 1 million shares (bonds) more. The initial issuance was for 1.24 million bonds with 186,000 overallotment bonds.
The new issuance of the 9.875% fixed rate senior notes due 2028 was originally intended to be 600,000 shares (bonds), but was upsized to $25 million plus an overallotment of $3.75 million.
The new bonds are the same ticker ABLLL—which closed today at $24.97.
Abacus Life (ABL) describes themselves as an alternative asset manager--what they do is provide ‘liquidity’ to those with life insurance policies who want to monetize them.
Deep due diligence should be done by those contemplating a purchase of these bonds as the company has a short life as a public company and came public through a SPAC in late 2022. With the limited history I will not even consider these bonds–although after a few quarters of operating and publishing of financials I may be open to an investment–not now though.