Pacific Current Group (ASX:PAC) completed the sale of its interest in Luxembourg-based Carlisle Management Company to US-based asset manager Abacus Life, receiving about $60.3 million in net proceeds, according to a Tuesday filing with the Australian bourse.
On completing the sale, Pacific Current Group received about 2 million Abacus Life bonds worth $49.2 million with a 9.875% interest rate and 1.4 million Abacus Life shares valued at $11.1 million, the filing said.
The group received 90% of the proceeds, with the remaining 10% to be held back for 18 months from closing on a pro-rata basis. During this period, Pacific Current Group will continue to earn on these securities.
The bonds are immediately tradable, while the shares become freely tradable on July 4, 2025, the filing added.
Pacific Current Group's shares rose almost 1% in recent Tuesday trade.
Price (AUD): $10.78, Change: $+0.06, Percent Change: +0.56%
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