UPH - UpHealth to raise $67.5M in convertible debt financing
- UpHealth ( NYSE: UPH ) announced the sale of $67.5M in principal amount of a new series of variable rate convertible senior secured notes due Dec. 15, 2025 in a private placement transaction.
- It will raise ~$22.5M in gross cash proceeds after paying for a repurchase of $45M of its 6.25% convertible senior notes due 2026.
- The notes are convertible into shares of UpHealth common stock at a conversion price of $1.75/share, marking a 101% premium over the most recent closing price.
- Proceeds from the offering will be used to repay the outstanding seller notes that mature on Sep.1, 2022 and provide liquidity for growth plans.
- Shares trading 4.6% higher premarket.
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UpHealth to raise $67.5M in convertible debt financing