8-K
filed August 23, 2023, 7:59 PM ET
ticker BETR
CIK 0001835856
M&A
confidence high
sentiment positive
materiality 0.90
Better Home & Finance Holding Co (BETR): debt financing — Better Home & Finance closes business combination with Aurora, starts trading under 'BETR'
Better Home & Finance Holding Co
- Business combination closed on Aug 22, 2023; Better begins trading on Nasdaq under BETR and BETRW on Aug 24.
- Approximately $565M of fresh capital unlocked, including $528M convertible note from SoftBank (1% coupon, matures 2028) and equity from NaMa Capital.
- Better has surpassed $100B in funded loans; plans to continue developing Tinman platform.
- SoftBank's original $650M commitment reduced to $550M due to sponsor not funding; actual note issued $528M.
- Convertible notes have conversion price based on VWAP with floor $8 and cap $12 per share, redeemable at 115% of par under certain conditions.
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
Better Home & Finance Holding Co incurred convertible notes of $528,585,444 with SoftBank at 1% per annum maturing August 15, 2028.
- Instrument
- convertible notes
- Principal
- $528,585,444
- Counterparty
- SoftBank
- Rate
- 1% per annum
- Maturity
- August 15, 2028
- Event
- incurrence
Exact text from the filing
On August 22, 2023, the Company issued and sold to SoftBank senior subordinated convertible notes in the aggregate principal amount of $528,585,444 (the “Convertible Notes”) pursuant to an Indenture, dated as of August 22, 2023 (the “Indenture”), between the Company and GLAS Trust Company LLC, as trustee.
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
Better Home & Finance Holding Co entered into Agreement and Plan of Merger with Better Holdco, Inc., Aurora Merger Sub I, Inc. (effective 2023-08-22).
- Action
- entry
- Agreement
- merger
- Counterparty
- Better Holdco, Inc., Aurora Merger Sub I, Inc.
- Effective
- 2023-08-22
Exact text from the filing
consummated the previously announced business combination pursuant to the terms of the Agreement and Plan of Merger, dated as of May 10, 2021, as amended
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
Better Home & Finance Holding Co amended Amendment No. 2 to the Subscription Agreement with SB Northstar LP valued at $650,000,000 (effective 2023-08-21).
- Action
- amendment
- Agreement
- equity purchase
- Counterparty
- SB Northstar LP
- Value
- $650,000,000
- Effective
- 2023-08-21
Exact text from the filing
On August 21, 2023, Aurora, Better and SB Northstar LP, a Cayman Islands exempted limited partnership (“SoftBank”) entered into an Amendment No. 2 to the Subscription Agreement, dated as of May 10, 2021, as amended by Amendment No. 1, dated as of November 30, 2021 (“Amendment No. 2”)
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
Better Home & Finance Holding Co entered into Indenture with GLAS Trust Company LLC valued at aggregate principal amount of $528,585,444 (effective 2023-08-22).
- Action
- entry
- Agreement
- notes offering
- Counterparty
- GLAS Trust Company LLC
- Value
- aggregate principal amount of $528,585,444
- Effective
- 2023-08-22
Exact text from the filing
On August 22, 2023, the Company issued and sold to SoftBank senior subordinated convertible notes in the aggregate principal amount of $528,585,444 (the “Convertible Notes”) pursuant to an Indenture, dated as of August 22, 2023 (the “Indenture”), between the Company and GLAS Trust Company LLC, as trustee
View on SEC.gov
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