Berenson Acquisition I in a regulatory filing said it and merger partner Custom Health agreed to issue a new series of Senior Secured Convertible Notes to Funicular Funds and other buyers up to an original principal amount of $15 million.
The note bears interest at the rate of 15% annually (7.5% paid in cash and 7.5% paid in kind), and is due and payable 5 years after issuance.
Berenson I announced the deal with Custom Health in December at a $185 million pre-money equity value.
Custom Health provides a comprehensive technology-enabled medication management and managed care solution, resulting in 98% medication adherence for its patients across the United States and Canada. Read more.
