BigBear.ai exchanges $182.3M convertible notes for new secured notes due 2029 and wins GSA OASIS+ contract

BigBear.ai Holdings, Inc.

Exchanged $182.3M of 6% convertible notes due 2026 for new 6% senior secured notes due 2029; $0.4M cash for accrued interest.
New notes maturing Dec 2029; initial conversion price at 115% of VWAP; interest 6% cash or 7% PIK; shares limited until NYSE approval.
Existing $17.7M of 2026 notes remain outstanding; senior secured revolver terminated with no borrowings.
Awarded GSA OASIS+ IDIQ contract with no ceiling, 10-year ordering period, covering 5 domains and 75 CLINs.
CEO Mandy Long says award expands reach across federal missions and strengthens customer partnerships.

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