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.

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