By Devika Patel
Knoxville, Tenn., Aug. 6 – Atlas Mara Ltd. said it arranged a $40 million three-year debt facility to replace the convertible bond issued to Fairfax Africa Holdings Corp., which was announced on April 24.
The loan, due in or around July 2021, bears interest at 10.5%.
Fairfax also will receive warrants for 12.4 million shares, each exercisable at $3.20.
Proceeds will be used for general corporate purposes including replacing the April convertible, strengthening the company's digital finance platform and supporting broader business growth and operations.
Atlas Mara is a financial services provider based in Tortola, British Virgin Islands.
| Issuer: | Atlas Mara Ltd.
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| Issue: | Debt facility
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| Amount: | $40 million
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| Maturity: | In or around July 2021
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| Coupon: | 10.5%
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| Warrants: | 12.4 million
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| Warrant strike price: | $3.20
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| Investor: | Fairfax Africa Holdings Corp.
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| Pricing date: | Aug. 6
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| Distribution: | Private placement
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