Abacus Global Management stock edged higher Monday after the company announced it had increased its existing syndicated credit facility by $75 million, bringing the total to $225 million. The additional lender commitments were secured through Glas USA, and the terms of the arrangement remain unchanged. The company also disclosed that board member Sean McNealy resigned effective June 30 as part of his planned retirement, and he will stay on in an advisory role. Abacus, which buys and bundles individual life insurance policies for investment, saw its shares close more than 1% higher, outperforming the S&P 500's 0.7% gain.
Abacus Global Management, Inc.Company upsized credit facility by $75M, indicating improved financing capacity.