The sale involves a new series of floating rate convertible senior secured notes due December 15, 2025. According to the release, the transaction generated gross cash proceeds of $22.5 million after paying the redemption of $45 million principal amount of its 6.25% convertible senior notes. tickets due in 2026.
The 2025 Notes are convertible into common shares of UpHealth at a conversion price of $1.75 per share.
UpHealth’s goals include providing solutions to enhance digital access to healthcare. There have been many innovations in healthcare lately, with PYMNTS writing that Indian HealthTech startup GoMedii wants to add more services for overseas patients.
Read more: HealthTech GoMedii targets Africa and Bangladesh to boost medical tourism in India
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 together under one roof. He also plans to work with the Indian healthcare system to reduce treatment costs.
In other debt financing news, Tabby, a UAE-based online payments provider, recently secured $150 million in debt financing to support product growth and expansion in the region. Middle East and North Africa (MENA).
See also: BNPL Supplier Tabby Secures $150M Loan to Expand in MENA
PYMNTS wrote that the credit facility came from Atalaya Capital Management, as well as Partners for Growth (PFG), an existing investor. This is Atalaya’s first venture in the MENA region and will see Tabby’s total capital reach $275 million after a Series B expansion.
Tabby offers buy-it-now, pay-later (BNPL) and other e-commerce offerings, working with retailers including Adidas, IKEA, H&M, Bath & Body Works, Nike and Swarovski. Market dynamics in the MENA region require BNPL as a payment method, as there are many regions where very few people have credit cards.