BigBear.ai exchanges $182.3M of 2026 convertible notes for new secured notes due 2029

BigBear.ai Holdings, Inc.

Exchanged ~$182.3M of 6% Convertible Senior Notes due 2026 for same principal of 6% Convertible Senior Secured Notes due 2029 plus $0.4M accrued interest.
New notes accrue 6.00% (cash) or 7.00% (PIK) annually; rate can rise to 9.00%/10.00% if liquidity condition not met.
Initial conversion price set at $3.5530 per share (281.4491 shares per $1,000 principal); settlement limited until NYSE stockholder approval obtained.
Existing $0 drawn senior secured revolving credit facility terminated concurrently with the exchange.
Notes are senior secured obligations with first-priority liens on substantially all assets; callable after Dec 27, 2025 under certain conditions.

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