Chicago, July 21 – Babylon Holdings Ltd. signed for a new bridge facility with affiliates of, or funds managed by, AlbaCore Capital LLP, according to an 8-K filing with the Securities and Exchange Commission.
The $11.5 million two-part deal of senior secured loan notes includes a first tranche for $6.9 million face amount and a second tranche for $4.6 million face amount.
The first tranche funded on July 20 and the second tranche may be funded July 27, at the earlier, subject to certain conditions, including approval by the subscribers of an earlier issue of bridge notes. The company plans on utilizing the second tranche on July 27.
Proceeds will be used for working capital purposes.
There was an original issue discount which calculates to $6 million of proceeds from the first tranche and $4 million of proceeds from the second tranche.
Interest is at SOFR plus 1,200 basis points, payable in kind.
There is an upfront fee of 15% of the aggregate commitments.
Previously, AlbaCare provided an original bridge facility for $34.5 million of loan notes. There was a discount that resulted in proceeds to the issuer of $30 million. The original notes were issued in three tranches.
Babylon develops health care software and is based in Austin, Tex.
| Issuer: | Babylon Holdings Ltd.
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| Amount: | $11.5 million
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| Issue: | Senior secured loan notes
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| Maturity: | 2026
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| Noteholders: | AlbaCore Capital LLP affiliates and funds
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| Coupon: | SOFR plus 1,200 bps, payable in kind
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| Settlement date: | July 17
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| Distribution: | Private placement
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| Tranche 1
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| Amount: | $6.9 million
|
| Price: | 86.96
|
|
|
| Tranche 2
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| Amount: | $4.6 million
|
| Price: | 86.96
|
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