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FGL Holdings warrant exchange offer expires


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FGL Holdings warrant exchange offer expires

FGL Holdings' warrant exchange offer expired at 12 a.m. ET on Oct. 4.

In September, the company announced its plan to exchange any and all of its outstanding warrants for 0.11 ordinary share of the company and 98 cents in cash, without interest, apiece.

A total of 65,373,565 warrants were properly tendered and not properly withdrawn prior to the expiration. The company accepted for exchange all such warrants and will issue an aggregate of 7,191,070 exchange shares, representing about 3.4% of the ordinary shares outstanding after such issuance. The company will pay an aggregate amount of approximately $64.1 million in cash, in exchange for the warrants tendered.

After completion of offer, 5,509,769 warrants will remain outstanding. The warrants will expire Nov. 30, 2022, at 5 p.m. ET, or upon earlier redemption or liquidation.

Credit Suisse Securities (USA) LLC served as the financial adviser for the tender offer. Morrow Sodali LLC acted as the information agent. The depository for the tender offer was Continental Stock Transfer & Trust Co.