Emergent Capital’s White Eagle unit upsizes, extends credit facility

By Tali Rackner

Norfolk, Va., Jan. 3 – Emergent Capital, Inc. said its White Eagle life settlement subsidiary amended its 15-year revolving credit facility, according to a press release.

Under the amendment, the consolidated credit facility limit was increased to $370 million and the maturity was extended to 2031.

Interest remains at Libor plus 450 basis points with a 1.5% Libor floor.

Borrowings under the amended facility continue to be used to pay premiums on the life insurance policies pledged as collateral and for fees and expenses of third party service providers. White Eagle will not draw funds under the facility to pay interest, but any policy proceeds will be used to pay outstanding interest when due through the facility's waterfall provisions, the release said.

In addition, Emergent’s Red Falcon life settlement subsidiary has been merged into the White Eagle subsidiary.

Emergent Capital is a Boca Raton, Fla.-based specialty finance company focused on life insurance settlements.

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