8-K
filed March 20, 2023, 7:59 PM ET
CIK 0001779020
debt
confidence high
sentiment neutral
materiality 0.95
Danimer Scientific, Inc.: debt financing — Danimer closes $130M term loan, pre-announces FY2022 revenue of $53.2M and net loss of $180M
Danimer Scientific, Inc.
- Entered $130M senior secured term loan with Jefferies at 14.4% interest, net proceeds $98.6M after fees and reserves.
- Repaid $4.6M NMTC loan and will repay $5.6M GARJA loan, terminating the Advantage Loan Agreement.
- Issued warrant to Jefferies for 1.5M shares at $7.50 per share, exercisable for five years.
- Preliminary FY2022 revenue $53.2M, net loss $180M (incl. $63M goodwill impairment), Adj. EBITDA -$45M, cash $63M.
- Delaware Chancery Court validated Danimer's charter and all issued shares under Section 205 petition.
Key facts
Extracted from this filing and checked against the source text.
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 1.0
Danimer Scientific, Inc. incurred term loan of $130 million with Jefferies Funding LLC at 14.40% maturing March 17, 2027.
- Instrument
- term loan
- Principal
- $130 million
- Counterparty
- Jefferies Funding LLC
- Rate
- 14.40%
- Maturity
- March 17, 2027
- Event
- incurrence
Exact text from the filing
On March 17, 2023 (the “Closing Date”), the Company, as borrower, and certain subsidiaries of the Company, as guarantors, entered into a Financing Agreement (the “Financing Agreement”) with Jefferies Funding LLC (“Jefferies”), as lender, and U.S. Bank Trust Company, National Association (the “Term Loan Agent”), as administrative agent and collateral agent. The Financing Agreement provides for a new senior secured term loan (the “Term Loan”) in an aggregate principal amount of $130 million, the entirety of which was drawn on the Closing Date. The Term Loan bears interest at a fixed rate per annum equal to 14.40%, payable monthly in arrears.
View on SEC.gov
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 1.0
Danimer Scientific, Inc. amended credit facility with Southeast Community Development Fund X, L.L.C. at 30 day SOFR maturing June 24, 2024.
- Instrument
- credit facility
- Counterparty
- Southeast Community Development Fund X, L.L.C.
- Rate
- 30 day SOFR
- Maturity
- June 24, 2024
- Event
- amendment
Exact text from the filing
Amendment No. Five, among other things, (i) amended the interest rate to delete LIBOR and adopt 30 day SOFR as the interest rate, (ii) extended the maturity date of the loans under the Advantage Loan Agreement to June 24, 2024
View on SEC.gov
Earnings Releases
SEC 8-K Item 2.02
confidence 0.9
Danimer Scientific, Inc. reported the fiscal year ended December 31, 2022 results: revenue $53.2 million, net income $(180) million. Guidance reaffirmed.
- Period
- the fiscal year ended December 31, 2022
- Revenue
- $53.2 million
- Net income
- $(180) million
- Guidance
- reaffirmed
- Result
- guidance update
Exact text from the filing
with Guidance Ranges The Company plans to release its fourth quarter and full-year 2022 financial results on March 28, 2023, and expects to report the following: • Revenues of $53.2 million for the full year of 2022 compared to $58.7 million in the prior year. PHA-related sales grew by 34 percent over the prior year and represented 53 percent of 2022 revenue.
View on SEC.gov
Earnings Releases
SEC 8-K Item 2.02
confidence 0.95
Danimer Scientific, Inc. reported the fiscal year ended December 31, 2022 results: revenue $53.2 million, net income $(180) million. Guidance reaffirmed.
- Period
- the fiscal year ended December 31, 2022
- Revenue
- $53.2 million
- Net income
- $(180) million
- Guidance
- reaffirmed
- Result
- preliminary results
Exact text from the filing
with Guidance Ranges The Company plans to release its fourth quarter and full-year 2022 financial results on March 28, 2023, and expects to report the following: • Revenues of $53.2 million for the full year of 2022 compared to $58.7 million in the prior year. PHA-related sales grew by 34 percent over the prior year and represented 53 percent of 2022 revenue.
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.95
Danimer Scientific, Inc. amended Amendment No. Five to Loan and Security Agreement and Consent with Southeast Community Development Fund X, L.L.C., as administrative agent, and the lenders party thereto (effective 2023-03-16).
- Action
- amendment
- Agreement
- credit facility
- Counterparty
- Southeast Community Development Fund X, L.L.C., as administrative agent, and the lenders party thereto
- Effective
- 2023-03-16
Exact text from the filing
Danimer Scientific Kentucky, Inc., a Delaware corporation (“DSKY”), and Novomer, Inc., a Delaware corporation (“Novomer”), each an indirect wholly-owned subsidiary of Danimer Scientific, Inc., a Delaware corporation (“Danimer” or the “Company”), entered into Amendment No. Five to Loan and Security Agreement and Consent (“Amendment No. Five”) to that certain Loan and Security Agreement, dated as of March 13, 2019 (as amended by Amendment No.
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.98
Danimer Scientific, Inc. entered into Financing Agreement with Jefferies Funding LLC valued at $130 million (effective 2023-03-17).
- Action
- entry
- Agreement
- credit facility
- Counterparty
- Jefferies Funding LLC
- Value
- $130 million
- Effective
- 2023-03-17
Exact text from the filing
Financing Agreement On March 17, 2023 (the “Closing Date”), the Company, as borrower, and certain subsidiaries of the Company, as guarantors, entered into a Financing Agreement (the “Financing Agreement”) with Jefferies Funding LLC (“Jefferies”), as lender, and U.S.
View on SEC.gov
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