Ropes & Gray Advises Better Home & Finance Holding Company in Retirement of Approximately $534 Million Convertible Notes and Issuance of $155 Million of New Secured Debt

Ropes & Gray advised Better Home & Finance Holding Company, the leading AI home finance company, with over $100 billion of mortgages funded on its Tinman AI platform, in restructuring its outstanding convertible notes with its lender to retire approximately $534 million of outstanding debt in exchange for a one-time cash payment of $110 million and the issuance of $155 million of new senior secured notes to SB Northstar LP, Better’s existing noteholder, which will be due by December 31, 2028 and will accrue interest at a rate of 6% per annum that is payable, at Better’s option, in kind or in cash. The transaction was announced on April 14.

The Ropes & Gray team was led by capital markets and finance partner Christopher Capuzzi and included private equity partner Carl Marcellino, capital markets associate Sam Tansley, finance associates Chandler Burnham, Jordan Sparks and Ethan Scheinberg and tax counsel Sara Clevering.