Finance of America announced an amendment to its bond exchange offer, receiving nearly 98% participation from noteholders, which enhances its financial flexibility and capital structure.
FOA CEO Graham Fleming expressed enthusiasm over the high participation rate, stating the transaction aligns cash flows with debt obligations and is critical for immediate financial stability.
By swapping unsecured notes for new secured debt with longer maturities, FOA aims to gain financial breathing room and secure its operations for the future.
After acquiring American Advisors Group, FOA is focusing on balancing its operational size with ambitions in reverse mortgages and retirement solutions.
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