Business: BrightSpring Health Services 6.75% Tangible Equity Units stated amount $50.00 per unit, initially consisting of Equity Units which include a stock purchase contract and a 10.00% senior amortizing note with a principal amount of $8.6618. <p> The stock purchase contract requires the holder to purchase for $41.3382 a variable number of shares of BrightSpring Health Services ((NYSE:BTSG ) common stock no later than 11/01/2024 and pays a contract adjustment rate of 0% per annum. The stock purchase settlement rate will be 3.2733 shares per unit if the then current market price is equal to or greater than $15.28 and 3.8461 shares per unit if the market price is equal to or less than $13.00. For market prices between those values the settlement rate will be $50.00 divided by the market value. Prior to the IPO of this security, the last reported sale price of the common stock on 01/26/2024 was $13 per share. The stock purchase contract may be settled any time at the holder’s option and the company will deliver 3.2733 shares of common stock for each purchase contract. <p> The Amortizing Notes will pay holders equal quarterly cash installments of $0.84375 per Amortizing Note, on 2/1, 5/1, 8/1 & 11/1 to holders of record on the record date fixed by the board, which cash payment in the aggregate will be equivalent to 6.75% per annum with respect to each $50 Stated Amount of Units. Each installment will constitute a payment of interest (at a rate of 10% per annum) and a partial repayment of principal on the Amortizing Note. <p> Distributions paid by these securities are derived from interest paid on the underlying debt securities and therefore are NOT eligible for the preferential 15% to 20% tax rate on dividends and are also NOT eligible for the dividend received deduction for corporate holders. <p> On or after 11/01/2024 the Issuer may elect to settle all, but not less than all, outstanding Purchase Contracts at the maxuimum settlement rate (3.8461 shares) unless the closing share price of the Issuer's common stock exceeds 130% of the conversion price for 20 of any 30 consecutive trading days, in which case the settlement amount would be the minimum settlement rate (3.2733 shares).