General World News

FOA raises Blackstone borrowing level to $85 million

Finance of America Companies (FOA), which had previously borrowed $60 million from longtime backer Blackstone Group, has increased its borrowed amount to $85 million and extended the end of its repayment term from November 2024 to May 2025. This is according to an 8-K filing made this week by FOA with the U.S. Securities and Exchange Commission (SEC).

The borrowing authority, according to the filing, currently sits at 10% but increases to 15% on May 15, 2024, a provision that was in the previously amended version of the agreement in mid-2023, according to an FOA spokesperson.

“The original promissory notes were secured details ⇒

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