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Sirius-Easterly deal includes secured termination fee arrangement

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Sirius-Easterly deal includes secured termination fee arrangement

Sirius International Insurance Group Ltd. has agreed to lend Easterly Acquisition Corp. three cents per month for each outstanding Easterly common share as of June 30, or up to $2.3 million, in a promissory note arrangement similar to a secured termination fee.

Easterly is required to fully repay the debt if the companies' stock-for-stock merger agreement closes.

Under the terms of the deal, Easterly would combine with a subsidiary of Sirius and become a wholly owned unit. Sirius would then become a public company.