Imperial (IFT) Unit Enters $40M Purchase Agreement with Compass
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Imperial Holdings, Inc. (NYSE: IFT) today announced that Washington Square Financial, LLC (“WSF”), a wholly-owned subsidiary of Imperial, entered into a forward purchase and sale agreement to directly sell up to $40.0 million of life contingent structured settlement receivables to Compass Settlements LLC (“Compass”), an entity managed by Beacon Annuity Fund, LP (“Beacon”), the financing counterparty under the Company's existing life contingent structured settlement receivables facility.
Under the terms of the purchase and sale agreement, and subject to predetermined eligibility criteria and on-going conditions, Compass will commit, in $5.0 million increments, to purchase life contingent structured settlement receivables that WSF will exclusively sell to Compass for a term of twenty-four months. In connection with this arrangement, the Company's existing life contingent structured settlement facility with Beacon has terminated.
Under the terms of the purchase and sale agreement, and subject to predetermined eligibility criteria and on-going conditions, Compass will commit, in $5.0 million increments, to purchase life contingent structured settlement receivables that WSF will exclusively sell to Compass for a term of twenty-four months. In connection with this arrangement, the Company's existing life contingent structured settlement facility with Beacon has terminated.
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