Finance of America Companies (FOA) has released an update.
In June 2019, Finance of America Equity Capital LLC obtained revolving working capital promissory notes from lenders, including funds affiliated with Blackstone and an entity controlled by Brian L. Libman, with an initial borrowing limit of $60 million, later increased to $85 million, and extended maturity from November 2024 to May 2025. These notes, bearing a 10% interest rate escalating to 15%, are secured by tangible assets and equity interests, and subject to covenants and mandatory prepayment conditions. An omnibus amendment added subsidiaries as guarantors and expanded the collateral, with modifications approved by the Audit Committee in line with the Company’s policy on transactions involving related persons.
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For a comprehensive understanding of the announcement, you can read the full document here.
