Digital health company raises $67.5M through debt financing agreement

Digital health company UpHealth has reached a debt financing agreement worth $67.5 million through a sale of variable rate convertible notes due Dec. 15, 2025.

The notes can be converted into UpHealth common stock at a price of $1.75 per share. Holders of these notes are free to convert them into UpHealth stock at any time, according to the Aug. 15 UpHealth news release. 

"We are pleased to announce this milestone transaction. Importantly, the proceeds of this offering will be used to repay the outstanding seller notes that mature on Sept. 1, 2022, as well as provide us with the liquidity to execute against our growth plans," UpHealth CFO Martin Beck said. "This transaction provides us with more than three years until any significant borrowings reach maturity, while maintaining the company's total leverage."

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