Emergent Capital Inc. has again extended the expiration date of its previously announced exchange offer, rights offering and consent solicitation to 5 p.m. ET on June 27 from 5 p.m. ET on June 12.
The company in April launched an offer to exchange its outstanding $74.2 million of 8.50% senior unsecured convertible notes due 2019 for $74.2 million of a new series of 5.00% senior unsecured convertible notes due 2023, together with a right to subscribe for 500 common shares of Emergent at 20 cents per share for each $1,000 principal amount of old notes tendered up to an aggregate of 40 million common shares. The company also earlier announced solicitation of consents from the old noteholders to eliminate substantially all restrictive covenants contained in the old notes indenture.
According to US Bank, the information and exchange agent for the exchange offer, about $1.5 million, or 2.03%, of the old notes had been validly tendered and not withdrawn in the offer as of 5 p.m. ET on June 9.