Company: FOACW
Filing Date: 2025-05-23
Form Type: 10-Q/A
Source: 0001828937-25-000042
Chunk: 96

Company: Finance of America Companies Inc.
Filing Date: 2025-05-23
Form: 10-Q/A
Chunk 96
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100%, respectively, of the principal amount plus accrued and unpaid interest thereon. Upon the occurrence of a change of control, the holders of the Notes will have the right to require FOAF to make an offer to repurchase each holder’s Notes at a price equal to 101% of their principal amount, plus accrued and unpaid interest. FOAF has not redeemed any of the Notes since they were issued in November 2020.

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The Notes contain covenants limiting, among other things, FOAF and its restricted subsidiaries’ ability to incur certain types of additional debt or issue certain preferred shares, incur liens, make certain distributions, investments and other restricted payments, engage in certain transactions with affiliates, and merge or consolidate or sell, transfer, lease, or otherwise dispose of all or substantially all of FOAF’s assets. These incurrence-based covenants are subject to exceptions and qualifications. Many of these covenants will cease to apply during any time that the Notes have investment grade ratings and no default with respect to the Notes has occurred and is continuing. The Company was in compliance with all required covenants related to the Notes as of June 30, 2024.

FoA’s existing owners or their affiliated entities, including Blackstone and Brian L. Libman, FoA’s founder and chairman, purchased notes in the offering in an aggregate principal amount of $135.0 million.

On June 24, 2024, certain of the direct and indirect subsidiaries of the Company, including FOAF, FOA Equity, FAH, Incenter, FAM, FAR, and MM Risk Retention LLC, and certain holders of the Notes (or their investment advisors, sub-advisors, or managers) representing ownership of approximately 71.1% of the aggregate principal amount of the Notes, entered into an agreement to support and participate in an exchange of any and all of the outstanding Notes for (i) up to $200 million aggregate principal amount of Senior Secured First Lien Notes maturing 2026, with the option to extend until 2027, and (ii) up to $150 million aggregate principal amount of Exchangeable Senior First Lien Notes maturing in 2029. Refer to the Company’s Report on Form 8-K filed with the SEC on June 25, 2024 for additional information.

Related-party notes

The Company had two Revolving Working Capital Promissory Note Agreements (the “Working Capital Promissory Notes”) outstanding with BTO