SelectQuote jumps after $100 mln financing

Selectquote

17/10/2024 14:42

** Shares of insurance distributor SelectQuote  SLQT.N  jump
as much as 22.7% in early trading; last up 18.9% at $2.68 
    ** SLQT said late on Wednesday it had completed a $100 mln
securitization transaction
    ** Securitization refers to the use of a company's assets as
a means of funding
    ** SLQT will use the proceeds to pay down a portion of its
outstanding term debt
    ** New securitized debt lowers cost of capital apart from
extending debt maturity to 2027 - SLQT
    ** SLQT has also hired an investment bank to conduct
strategic review 
    ** As of last close, SLQT shares up 64.2% YTD

 (Reporting by Arasu Kannagi Basil in Bengaluru)
 ((ArasuKannagi.Basil@thomsonreuters.com;))