ORLANDO, Fla. - Abacus Life, Inc. (NASDAQ: ABL; ABLLL), a market maker and asset manager in the life insurance sector, has announced the pricing of its public offering of $25 million in additional 9.875% notes due in 2028. The new issuance, expected to close on February 15, 2024, will be treated as a single series with the existing notes issued last November, bringing the total outstanding notes to $60.65 million.
The underwriters, led by Piper Sandler & Co., A.G.P./Alliance Global Partners (NYSE:GLP), and Ladenburg Thalmann & Co. Inc., have the option to purchase up to an additional $3.75 million in notes to cover any overallotments. The funds raised from this offering are earmarked for refinancing existing debt and general corporate purposes.
Abacus Life, which specializes in longevity and actuarial technology, intends to list the new notes on the Nasdaq Global Market under the symbol "ABLLL," the same as the existing notes. The company, which has been operational since 2004, is known for its role in purchasing life insurance policies and managing them through various strategies.
Abacus Life maintains an A+ rating as a BBB Accredited Business. The company has built a substantial presence in the industry, with over $4.6 billion in face value of policies purchased, and has established a network of institutional partners and financial advisors across 49 states.
The information in this article is based on a press release statement by Abacus Life, Inc.
InvestingPro Insights
As Abacus Life, Inc. (NASDAQ: ABL; ABLLL) gears up for its public offering of additional notes, investors are closely monitoring the company's financial health and market performance. According to InvestingPro data, Abacus Life currently boasts a robust market capitalization of 729.94 million USD, indicative of investor confidence and the company's market presence.
With an impressive revenue growth of 92.2% over the last twelve months as of Q1 2023, Abacus Life's financial trajectory appears strong. This growth is further underscored by a significant gross profit margin of 87.45%, suggesting efficient management and a solid business model. Additionally, the company has demonstrated a substantial return on assets of 13.23%, reflecting its ability to generate earnings from its asset base.
InvestingPro Tips for Abacus Life highlight that the company's liquid assets currently exceed its short-term obligations, providing financial stability and the ability to meet immediate financial needs. Moreover, Abacus Life has experienced a strong return over the last three months, with a 69.25% price total return, which could be a positive signal for investors looking for momentum in the market.
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