GWG Holdings increases 10-year senior revolver to $300 million

By Tali Rackner

Minneapolis, Sept. 29 – GWG Holdings, Inc. entered into an amended and restated loan and security agreement on Wednesday with CLMG Corp., as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

The agreement increases the revolving senior credit facility to $300 million from $172 million to cover premium payments over the next decade, according to a press release.

The revolver, which was originated by CSG Investments, Inc., matures on Sept. 27, 2029.

The restated agreement “amends the company’s existing facility to create the capacity to finance the future premium payments on substantially all of the life insurance assets in the company’s portfolio today,” according to a press release.

In conjunction with the amended senior facility, GWG Holdings terminated its credit facility with DZ Bank and redeemed its outstanding series I secured notes and series A preferred stock.

GWG Holdings is a specialty finance company in the life insurance secondary market. It is based in Minneapolis.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.