United Homes refinances convertible notes with $70M loan and secondary offering of 7.42M shares

United Homes Group, Inc.

Secondary offering of 7,420,057 shares at $5.00 per share by selling stockholders; underwriter option for 1,113,009 additional shares.
Company redeems $70M convertible notes with $70M cash (funded by new loan) and 10,168,850 shares; unsold shares locked up 120 days.
Kennedy Lewis provides $70M subordinated term loan maturing 2030 or earlier; interest at SOFR + 675-775 bps or ABR + 575-675 bps.
Covenants: min tangible net worth $70M, max leverage 2.50x, min DSCR 1.35x (waivable to 1.20x), min liquidity $20M, min cash $10M.
Company receives no proceeds from secondary offering; all proceeds go to selling stockholders.

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