Reverse mortgage provider Finance of America has fully paid off its outstanding working capital facility and entered into a definitive agreement to repurchase the entirety of Blackstone’s equity stake in the company. In addition, Finance of America announced a new convertible debt facility with multiple long-term supporters of the company.
“This is a moment of strategic significance,” said Graham Fleming, Chief Executive Officer of Finance of America.
“The fundamentals of our business enable us to take this step to simplify our capital structure and reduce our debt to more freely pursue the opportunities ahead of us. With the further support of long-time investors and bond holders through a new convertible debt facility, we are well-positioned to aggressively pursue our next chapter of growth.”
“We appreciate the strong partnership with Finance of America and their management team, which has spanned over ten years,” said Christopher James, Global Head of Blackstone’s Tactical Opportunities group.
“With this transaction, we will conclude our ownership role, but we look forward to continuing to work together in new and impactful ways in the future.”
The closing of the repurchase transaction is subject to customary conditions, including the receipt of a customary opinion and is anticipated to be consummated in the fourth quarter of 2025.
