---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-24-286239"
form_type: "8-K"
ticker: "BBAI"
cik: "0001836981"
company_name: "BigBear.ai Holdings, Inc."
filed_at: "2024-12-30T23:59:59+00:00"
generated_at: "2026-05-28T22:50:53.923829+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001193125-24-286239
- form_type: 8-K
- ticker: BBAI
- cik: 0001836981
- company_name: BigBear.ai Holdings, Inc.
- filed_at: 2024-12-30T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 1.01, 1.02, 3.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1836981/000119312524286239/0001193125-24-286239-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1836981/000119312524286239/d897144d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-24-286239
- JSON: https://secwatch.observer/filing/0001193125-24-286239.json
- Plain text: https://secwatch.observer/filing/0001193125-24-286239.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.