Better Home & Finance Holding Co (BETR): debt financing — Better Home & Finance exchanges $533.9M of 1% convertible notes for $155M of 6% notes plus $110M cash

Better Home & Finance Holding Co

Exchanged $533.9M of 1% convertible notes held by SB Northstar for $155M of 6% senior secured notes due 2028 and $110M cash.
New notes mature Dec 31, 2028, bear 6% interest payable semi-annually, with PIK toggle option.
Existing notes indenture discharged; side letter between SB Northstar and CEO Vishal Garg terminated.
New notes secured by substantially all assets of company and material domestic subsidiaries.
No cash proceeds to company; debt principal reduced by $378.9M.

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 senior notes of $155,000,000 in aggregate principal amount with SB Northstar LP at 6.00% per annum maturing December 31, 2028.

Instrument: senior notes
Principal: $155,000,000 in aggregate principal amount
Counterparty: SB Northstar LP
Rate: 6.00% per annum
Maturity: December 31, 2028
Event: incurrence

Exact text from the filing

On April 28, 2025 (the “Closing Date”), Better Home & Finance Holding Company (the “Company”) consummated (the “Closing”) the previously announced privately negotiated exchange with SB Northstar LP (the “Investor”), pursuant to which the Company issued $155,000,000 in aggregate principal amount of 6.00% Senior Secured Notes due 2028

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Better Home & Finance Holding Co filing history →

Source: SEC EDGAR

accession 0001628280-25-020262

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