secwatch.observer — SEC 8-K summary
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Issuer:     United Homes Group, Inc. (UHG)
CIK:        0001830188
Form:       8-K
Filed at:   2024-12-11T23:59:59+00:00
Accession:  0001104659-24-127664
Event type: debt
Sentiment:  positive
Materiality: 0.80
Item codes: 1.01, 1.02, 2.03, 3.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1830188/000110465924127664/0001104659-24-127664-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1830188/000110465924127664/tm2430715d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-24-127664

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