Replay Acquisition Corp. (RPLA) Shareholders Approve Finance of America Deal

Replay (NYSE:RPLA) announced in an 8-K filing that its shareholders have approved its combination with Finance of America, but did not disclose redemption figures.

About 72.4% of shares participated in the vote at a special meeting March 25, and all measures passed by wide margins with about 11% shares dissenting on each. Redemptions may be a factor, however.

Replay shares opened the day of the vote at $9.77, well below the company’s estimated pro rata cash in trust of $10.20. Perhaps sensing trouble ahead, Finance of America opted to waive Replay’s $400 million minimum cash requirement on March 18.

As such, even significant redemptions would not necessarily risk the deal’s completion, but the 8-K did not mention a targeted closing date.

Replay initially announced its $1.6 billion combination with Finance of America on October 13. The Blackstone-backed company provides an end-to-end lending platform for mortgage, commercial real estate and fixed-income investing.

For a full list of measures on the ballot and vote tallies, click HERE.

ADVISORS

• Simpson Thacher & Bartlett LLP is acting as legal advisor to Finance of America.
• Credit Suisse Securities (USA) LLC is acting as capital markets advisor to Replay Acquisition.
• Morgan Stanley & Co. LLC and Goldman Sachs & Co. LLC served as lead placement agents and Credit Suisse Securities (USA) LLC served as placement agent for the PIPE.
• Greenberg Traurig, LLP is acting as legal advisor to Replay Acquisition.