By Wendy Van Sickle
Columbus, Ohio, Oct. 15 – Babylon Holdings Ltd. entered into a subscription agreement on Oct. 8 to issue up to $200 million of five-year notes to AlbaCore Partners II Investment Holdings D DAC, AlbaCore Partners III Investment Holdings DAC and AlbaCore Strategic Investments LP, according to an 8-K filing with the Securities and Exchange Commission.
The notes are to be issued at a discount price of 95.5 and will bear interest at 8% for the first two years, 10% for the third year and 12% in the fourth and fifth years. Up to 50% of the interest payable for any period may be satisfied by the issuance of additional notes to form a single series with the outstanding issuance.
Babylon may redeem the notes at the greater of 104 and 104 plus a make-whole premium in the first year; at 104 in the second year; and at 107 starting on the date falling two years after the issue date until maturity.
Babylon develops health care software and is based in London.
| Issuer: | Babylon Holdings Ltd.
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| Issue: | Notes
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| Amount: | Up to $200 million
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| Maturity: | 2026
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| Coupon: | 8% for first two years, 10% for the third year and 12% in the fourth and fifth years; up to 50% of interest payable for any period may be satisfied by issuance of additional notes
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| Price: | 95.5
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| Subscribers: | AlbaCore Partners II Investment Holdings D DAC, AlbaCore Partners III Investment Holdings DAC and AlbaCore Strategic Investments LP
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| Call: | At greater of 104 and 104 plus a make-whole premium in first year; at 104 in the second year; and at 107 starting on the date falling two years after issue date until maturity
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| Subscription agreement date: | Oct. 8
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