Five Point Holdings, LLC (FPH): debt financing — Five Point exchanges 99.76% of 7.875% notes due 2025 for new 10.5%-12% notes due 2028

Five Point Holdings, LLC

Exchanged $623.5M of $625M outstanding 7.875% senior notes due 2025 for $523.5M in new 10.5%-12% notes plus $100M cash.
New notes mature Jan 2028 with step-up interest: 10.5% to Nov 2025, 11% to Nov 2026, then 12% to maturity.
New notes are senior unsecured, rank equally with the Revolving Credit Facility and remaining Existing Notes.
Issuers can redeem new notes at 104% (on/before Nov 2024), 102% (Nov 2024-Nov 2025), 100% (thereafter).
Change-of-control repurchase at 101% of principal plus accrued interest.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Five Point Holdings, LLC incurred senior notes of $523,494,301 aggregate principal amount of New Notes at 10.500% per annum ... to ... November 15, 2025, 11.000% per annum ... to ... Nov maturing January 15, 2028.

Instrument: senior notes
Principal: $523,494,301 aggregate principal amount of New Notes
Rate: 10.500% per annum ... to ... November 15, 2025, 11.000% per annum ... to ... Nov
Maturity: January 15, 2028
Event: incurrence

Exact text from the filing

exchanged $623,500,000 aggregate principal amount of Existing Notes, which represented 99.76% of the Existing Notes outstanding immediately prior to the Exchange Offer, for $523,494,301 aggregate principal amount of New Notes and approximately $100,000,000 of aggregate cash consideration. The New Notes were issued to holders of Existing Notes reasonably believed

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Five Point Holdings, LLC entered into Indenture with Computershare Trust Company, N.A. (effective 2024-01-16).

Action: entry
Agreement: notes offering
Counterparty: Computershare Trust Company, N.A.
Effective: 2024-01-16

Exact text from the filing

The New Notes were issued pursuant to an indenture, dated as of January 16, 2024 (the “Indenture”), among the Issuers, the Guarantors party thereto (the “Guarantors”), and Computershare Trust Company, N.A. (the “Trustee”).

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Five Point Holdings, LLC filing history →

Source: SEC EDGAR

accession 0001193125-24-008643

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