GWG enters into amended, restated $300 million facility due 2029

By Sarah Lizee

Olympia, Wash., Nov. 7 – GWG Holdings, Inc. subsidiary GWG DLP Funding IV, LLC amended and restated its loan and security agreement on Nov. 1, providing for $300 million in credit due Sept. 27, 2029, according to an 8-K filing with the Securities and Exchange Commission.

CLMG Corp. is the administrative agent.

Interest will accrue at 12-month Libor plus 750 basis points.

In conjunction with entering into the amended facility, GWG DLP pledged life insurance policies having an aggregate face value of about $298.3 million as additional collateral and received an advance of about $37.1 million under the facility.

After giving effect to the advance, the amount outstanding under the second amended facility on Nov. 1 was about $175.5 million.

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

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