BigBear.ai Holdings Inc. (BBAI) shares surged 5.67% in Thursday's trading session, propelled by two key developments: securing a major government contract and refinancing existing debt. The AI technology company's stock soared during intraday trading, outperforming the broader market.
First, BigBear.ai announced that it was awarded a position on the U.S. General Services Administration's (GSA) OASIS+ unrestricted multiple-agency contract. This contract has no maximum dollar ceiling and offers a 10-year ordering period, enabling BigBear.ai to secure task orders from federal agencies for complex professional services across various domains, including management, engineering, research, intelligence, and logistics.
Additionally, BigBear.ai disclosed that it had entered into separate exchange agreements with select holders of its existing 6% convertible senior notes due 2026. The company will exchange $182.3 million of these notes for $182.3 million of new 6% convertible senior secured notes due 2029, effectively extending the maturity date by three years. This debt refinancing move provides BigBear.ai with greater financial flexibility and runway.
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