Five Point begins exchange of $625M 7.875% notes due 2025 for new 10.5% notes due 2028

Five Point Holdings, LLC

Commences exchange offer for any and all $625M outstanding 7.875% Senior Notes due 2025.
Early tenderers receive per $1,000: $160 cash + $790 principal of new 10.5% notes plus $50 premium in new notes.
New notes mature Jan 15, 2028; rate steps to 11% (Nov 2025) and 12% (Nov 2026).
Conditions: minimum 80% tender and >50% consent; early participation deadline Dec 22, 2023.
Expiration Jan 10, 2024; settlement expected Jan 16, 2024; no cash proceeds to company.

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