The sale involves a new series of variable rate convertible senior secured notes due Dec. 15, 2025. According to the release, the transaction raised $22.5 million in gross cash proceeds after paying for a repurchase of $45 million principal amount of its 6.25% convertible senior notes due 2026.
The 2025 notes are convertible into shares of UpHealth common stock at a conversion price of $1.75 per share.
UpHealth’s goals include delivering solutions to bolster digital access in healthcare. There have been numerous innovations in healthcare lately, with PYMNTS writing that Indian HealthTech startup GoMedii wants to add more services for overseas patients.
GoMedii wants to work with people coming to India for medical tourism, planning to work with the government to fix the fragmented medical tourism industry and bring things under one roof. It’s also looking at working with the Indian healthcare system to cut treatment costs.
In other news related to debt financing, Tabby, a United Arab Emirates-based online payments provider, recently secured $150 million in debt financing to support growth and product expansion in the Middle East and North Africa (MENA) region.
PYMNTS wrote that the credit facility came from Atalaya Capital Management, along with Partners for Growth (PFG), an existing investor. It’s the first venture for Atalaya in the MENA region, and will see Tabby’s total capital shooting up to $275 million after a Series B extension.
Tabby provides buy now, pay later (BNPL) services along with other eCommerce offerings, working with retailers including Adidas, IKEA, H&M, Bath & Body Works, Nike and Swarovski. The market dynamics in the MENA region necessitate BNPL as a payment method, as there are many areas where very few people have credit cards.
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