The notes are backed by a pool of life insurance policies
Milbank LLP represented Abacus Global Management, Inc. (“Abacus”) (NYSE: ABX) in connection with a dual-tranche securitization collateralized by a diversified portfolio of life insurance policies. The total structure is valued at over $400 million, including the Class A and Class B notes and the residual interest. The notes are backed by a pool of life insurance policies that Abacus continues to service through its affiliates.
Abacus is a financial services company specializing in alternative asset management, data-driven wealth solutions, technology innovation and institutional services. Abacus’s integrated origination, underwriting and servicing platform is what allows it to connect these assets with institutional capital markets.
This landmark securitization supports Abacus’s shift towards a larger share of revenue from recurring, fee-related earnings instead of transactional gains. The proceeds from the deal will be used to support the growth of Abacus’s asset management business as well as continued policy origination and fund general corporate purposes.
Milbank also previously advised Abacus in its senior secured credit facility.
The Milbank deal team was led by Alternative Investments partners Maya Grant and Brian Troxler, along with special counsel Christina Glover and law clerk Akshay Ralhi.
