GWG Holdings, Inc.
On July 10, 2019, GWG Holdings, Inc. (GWG) filed its annual report for the year ending December 31, 2018. GWG also noted several updates following the close of their strategic transactions with the Beneficient Company Group, L.P. (Beneficient) in the second quarter of 2019.
In a press release dated July 9, 2019 GWG noted an expansion in the use of proceeds for its L Bond offering to encompass growth in alternative asset exposure primarily through investments in Beneficient. GWG also announced that its wholly owned subsidiary GWG Life, LLC entered into a $65 million promissory note with certain liquid trusts. Proceeds of the promissory note will be used to position Beneficient’s balance sheet, working capital, and liquidity profile. In its annual report, GWG notes that, pursuant to the strategic transactions with Beneficient and the prospect of continued negotiations with Beneficient, that it expects a consolidation of Beneficient and GWG in the future.
GWG also noted that it intends to facilitate the separation of InsurTech Holdings, LLC (InsurTech) in the next two years. InsurTech is a subsidisary of GWG. Former GWG CEO and Chairman Jon Sabes is CEO of InsurTech.
GWG remains outstanding on its quarterly report for the quarter ended March 31, 2019.
FS KKR Capital Corp. FS Investment Corp II, III, and IV
On July 9, 2019, FS KKR Capital Corp., FS Investment Corp II, III, and IV, respectively announced that Osagie Imasogie was appointed as a new independent board member for each respective entity. Mr. Imasogie will additionally serve on the valuation and audit committees for each respective entity.