08:10 AM EDT, 10/28/2024 (MT Newswires) -- Finance of America ( FOA ) said Monday that holders of about $342.6 million, or nearly 98%, of Finance of America Funding's outstanding 7.875% senior notes due 2025 have elected to participate in an exchange offer.

The company said that the exchange offer and the consent solicitation have now been extended to expire on Tuesday and the amortization payment due on Nov. 15, 2025 has been modified to $0.23 per $1 of new senior secured notes.

The company is offering to exchange its subsidiary's outstanding 2025 unsecured notes for up to $200 million of 7.875% senior secured notes due 2026, up to $150 million of 10% exchangeable senior secured notes due 2029 and a cash fee equal to 0.25% of the outstanding 2025 unsecured notes that are exchanged in the offer.

The company expects to settle the exchange offer and consent solicitation on Thursday.

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