Douglas Elliman Inc. (DOUG) just unveiled an update.
Douglas Elliman Inc. has struck a deal with investors advised by Kennedy Lewis Investment Management to sell $50 million in senior secured convertible promissory notes, due in 2029, with the option for investors to convert these notes into shares of common stock. The interest rate on the notes is set at 7%, with an option to increase to 8% if paid in kind, and offers a conversion price at a 19% premium to the recent stock price. The company aims to use the proceeds for general corporate purposes and has structured the terms to include rights for redemption under certain conditions, along with covenants and default provisions.
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