The New Home Company Inc. announced the early results of the previously-announced private exchange offer to certain Eligible Holders for any and all of the Company's outstanding 7.250% Senior Notes due 2025 (Existing Notes) for new 8.250% Senior Notes due 2027 and the related consent solicitation with respect to the Existing Notes, to eliminate substantially all of the restrictive covenants and certain events of default in the indenture, dated as of October 28, 2020, governing the Existing Notes. The Company announced that, according to information provided by Global Bondholder Services Corporation (“GBSC”), the Exchange Agent and Information Agent for the Exchange Offer and Consent Solicitation, as of June 14, 2023, the Company had received valid tenders and valid (and not revoked) consents from holders of $229,419,000 in aggregate principal amount of the Existing Notes, representing approximately 99.55% of the aggregate principal amount outstanding of the Existing Notes. As a result, the Company and the trustee under the Existing Indenture entered into a supplemental indenture to the Existing Indenture to effect the Proposed Amendments.

The Proposed Amendments therein will not become operative unless and until Existing Notes representing at least a majority of the outstanding principal amount of Existing Notes (excluding Existing Notes owned by the Company or by any holder directly or indirectly controlling or controlled by or under direct or indirect common control with the Company) are validly tendered and not validly withdrawn and accepted for exchange pursuant to the Exchange Offer. The Company also announced that the Company is amending the eligibility requirements for receiving the Early Tender Premium. For each $1,000 principal amount of Existing Notes validly tendered after the Early Tender Date, Eligible Holders will now be eligible to receive the Early Tender Premium of $50, payable in Exchange Notes.

For the avoidance of doubt, Eligible Holders who validly tender their Existing Notes after the Early Tender Date will not be eligible to receive the Consent Payment. Except with respect to the change to eligibility for receiving the Early Tender Premium, all conditions set forth in the Offering Memorandum remain unchanged. Eligible Holders tendering after the Early Tender Date have until June 29, 2023, unless extended or terminated (such date and time, as the same may be extended, the “Expiration Date”) to validly tender their Existing Notes.

Eligible Holders who validly tender their Existing Notes after the Early Tender Date will receive the Exchange Consideration and the Early Tender Premium listed above, but not the Consent Payment. Subject to the terms of the Offering Memorandum, the company expects the Exchange Offer and Consent Solicitation to settle on the third business day after the Expiration Date (such date, the “Settlement Date”). Subject to applicable law, the Company reserves the right, in its sole discretion, to extend the Expiration Date and/or the Settlement Date for any reason.