Emergent Capital Inc. has supplemented the terms of its previously announced exchange offer to exchange its outstanding $74.2 million 8.50% senior unsecured convertible notes due 2019 for $74.2 million aggregate principal amount of its 5.00% senior unsecured convertible notes due 2023, the right to subscribe for 500 common shares at 20 cents per share for each $1,000 principal amount of old notes tendered up to an aggregate of 40 million common shares and the solicitation of consents from the old noteholders to eliminate substantially all restrictive covenants contained in the old notes indenture.
The supplement provides additional disclosure about the exchange offer, consent solicitation and rights offering.
As of 5 p.m. ET on June 6, about $1.5 million, or 2.03%, of the aggregate principal amount of the old notes had been validly tendered and not withdrawn in the exchange offer, according to U.S. Bank, the information and exchange agent for the offer
The exchange offer, consent solicitation and rights offering will expire June 12.