MSP Recovery, Inc. (MSPR): debt financing — MSP Recovery subsidiary enters $80M credit facility with Hazel, draws $10M

MSP Recovery, Inc.

Subrogation Holdings (MSP Recovery subsidiary) entered $80M credit facility with lender Hazel; $10M pre-closing disbursement received.
Interest at SOFR +10% margin, payable in kind; maturity March 31, 2026, extendable one year by Hazel.
Closing subject to conditions, including consummation of separate Claims Transactions with Hazel; no assurance of drawdown.
Facility secured by proceeds from certain claims in MSP Recovery's portfolio.
Prepayable without premium; $10M due immediately if closing fails.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

MSP Recovery, Inc. incurred credit facility of up to $30 million with Hazel Partners Holdings LLC at Term Secured Overnight Financing Rate ("SOFR") on each interest period, plus an maturing March 31, 2026.

Instrument: credit facility
Principal: up to $30 million
Counterparty: Hazel Partners Holdings LLC
Rate: Term Secured Overnight Financing Rate ("SOFR") on each interest period, plus an
Maturity: March 31, 2026
Event: incurrence

Exact text from the filing

Subrogation Holdings, LLC (the "Borrower"), a wholly owned subsidiary of the Company, entered into a Credit Agreement (the "Credit Agreement") with Hazel, as the lender and administrative agent with respect to an aggregate $80 million term loan credit facility (the "Credit Facility"), consisting of a Term Loan A commitment to fund up to $30 million (in multiple installments) in proceeds and a Term Loan B Commitment to fund up to $18 million (in multiple installments) in proceeds

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

MSP Recovery, Inc. incurred credit facility of up to $18 million with Hazel Partners Holdings LLC at Term Secured Overnight Financing Rate ("SOFR") on each interest period, plus an maturing March 31, 2026.

Instrument: credit facility
Principal: up to $18 million
Counterparty: Hazel Partners Holdings LLC
Rate: Term Secured Overnight Financing Rate ("SOFR") on each interest period, plus an
Maturity: March 31, 2026
Event: incurrence

Exact text from the filing

Term Loan B Commitment to fund up to $18 million (in multiple installments) in proceeds, after taking into account an original issue discount (collectively, the "Working Capital Loans")

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

MSP Recovery, Inc. entered into Credit Agreement with Hazel Partners Holdings LLC valued at $80 million term loan credit facility (effective 2023-03-06).

Action: entry
Agreement: credit facility
Counterparty: Hazel Partners Holdings LLC
Value: $80 million term loan credit facility
Effective: 2023-03-06

Exact text from the filing

on March 6, 2023, Subrogation Holdings, LLC (the "Borrower"), a wholly owned subsidiary of the Company, entered into a Credit Agreement (the "Credit Agreement") with Hazel, as the lender and administrative agent with respect to an aggregate $80 million term loan credit facility (the "Credit Facility")

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MSP Recovery, Inc. filing history →

Source: SEC EDGAR

accession 0000950170-23-007356

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