EBIX INC: M&A transaction — Ebix completes sale of NA Life & Annuity assets to Zinnia for $386.5M

EBIX INC

Sold NA Life & Annuity assets to Zinnia Distributor Solutions for adjusted preliminary purchase price of $386.5M.
Net proceeds used to repay ~$93M of DIP financing and cover sale expenses; balance held pending court approval.
Bankruptcy Court approved sale on Feb 16, 2024; no other qualifying bids received, so no auction held.
Stalking horse APA amended April 1, 2024 to add $8M tax holdback and adjust purchase price.
Company remains in Chapter 11; equity holders warned of possible total loss.

item 1.01 item 2.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

EBIX INC completed a disposition involving Zinnia Distributor Solutions, LLC for $386.5 million (closed 2024-04-01).

Action: disposition
Counterparty: Zinnia Distributor Solutions, LLC
Consideration: $386.5 million
Closing: 2024-04-01

Exact text from the filing

thereby completing the disposition of the aforementioned assets on April 1, 2024. In connection with the sale of the NA L&A Assets, the adjusted preliminary Purchase Price of $386.5 million was paid by the Purchaser and the net proceeds were (i) used to pay down the drawn DIP (including the “rolled up” portion of the pre-petition DIP) in the amount of approximately

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Source: SEC EDGAR

accession 0001193125-24-088667

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