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GWG details Vida debtor-in-possession financing
Chicago, Dec. 19 – GWG Holdings, Inc. provided details regarding its debtor-in-possession financing which was signed on Dec. 15, according to an 8-K filing with the Securities and Exchange Commission.
Vida Insurance Credit Opportunity Fund III GP, LLC is working as the administrative agent and collateral agent on the facility.
The facility includes a $40 million revolver and a $564,125,839 term loan.
The credit agreement matures on Oct. 15, 2023.
Interest will be at the interest rate adjustment plus the LTV adjustment, which is initially 9.22%.
Security is in the form of substantially all of the assets of GWG.
Proceeds may be used to repay the company’s existing DIP financing, to repay the SPV credit facilities and for general corporate purposes, including working capital, administrative costs, expenses and fees of the transactions contemplated by the Chapter 11 cases.
GWG is a life insurance company based in Dallas. The company filed bankruptcy on April 20, 2022 under Chapter 11 case number 22-90032.
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