Better.com Restructures $530M Debt, Cuts $420M with Cash and New Notes from Existing Lender

Author: Benzinga Newsdesk | April 14, 2025 07:37am

Better Home & Finance Holding Company (NASDAQ:BETR, BETRW))) ("Better" or "Better.com" or "the Company"), the leading AI home finance company with over $100 billion of mortgages funded on its Tinman™ AI platform, today reported that it has restructured its outstanding convertible notes with its lender to retire approximately $530 million of outstanding debt in exchange for a one-time cash consideration of $110 million and the issuance of $155 million of new senior secured notes from SB Northstar LP, the Company's existing noteholder, which will be due December 31, 2028 and will accrue interest at a rate of 6% per annum that is payable, at Better's option, in kind (PIK) or in cash.

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