secwatch / observer
8-K filed April 4, 2023, 7:59 PM ET ticker MSPR CIK 0001802450
debt confidence high sentiment negative materiality 0.80

MSP Recovery, Inc. (MSPR): debt financing — MSP Recovery buys $390M claims from Hazel, sells $150M claims back, gets $250M loan at 20%

MSP Recovery, Inc.

item 1.01item 2.03

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 term loan of $250 million with Hazel Holdings I LLC (together with its affiliates, Hazel) at 20% per annum maturing March 31, 2026.

Instrument
term loan
Principal
$250 million
Counterparty
Hazel Holdings I LLC (together with its affiliates, Hazel)
Rate
20% per annum
Maturity
March 31, 2026
Event
incurrence
Exact text from the filing
was funded by (i) the proceeds from the Claims Sale (as defined below), and (ii) a purchase money loan between Hazel, as lender, and the Company, as borrower, in the amount of $250 million (the " Purchase Money Loan "). In a separate transaction on March 29, 2023, the Company entered into an investment agreement and a membership interest purchase agreement (the "
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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

MSP Recovery, Inc. incurred credit facility of aggregate $80 million term loan credit facility, consisting of a Term Loan A commitment to fund up to $30 million (in mu with affiliates of Hazel, as the lender and administrative agent at Term Secured Overnight Financing Rate for 12-month interest period, plus an appl maturing March 31, 2026.

Instrument
credit facility
Principal
aggregate $80 million term loan credit facility, consisting of a Term Loan A commitment to fund up to $30 million (in mu
Counterparty
affiliates of Hazel, as the lender and administrative agent
Rate
Term Secured Overnight Financing Rate for 12-month interest period, plus an appl
Maturity
March 31, 2026
Event
incurrence
Exact text from the filing
the Company entered into an Amended and Restated Credit Agreement (the “ Working Capital Credit Agreement ”) with affiliates of Hazel, as the lender and administrative agent with respect to an aggregate $80 million term loan 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)
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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

MSP Recovery, Inc. entered into Purchase Money Loan Agreement with Hazel (as lender) valued at $250 million purchase money loan (effective 2023-03-29).

Action
entry
Agreement
credit facility
Counterparty
Hazel (as lender)
Value
$250 million purchase money loan
Effective
2023-03-29
Exact text from the filing
the purchase price for the Claims Purchase was funded by (i) the proceeds from the Claims Sale (as defined below), and (ii) a purchase money loan between Hazel, as lender, and the Company, as borrower, in the amount of $250 million (the " Purchase Money Loan ").
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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

MSP Recovery, Inc. entered into Amended and Restated Credit Agreement (Working Capital Credit Agreement) with Affiliates of Hazel (lender and administrative agent) valued at $80 million term loan credit facility (effective 2023-03-29).

Action
entry
Agreement
credit facility
Counterparty
Affiliates of Hazel (lender and administrative agent)
Value
$80 million term loan credit facility
Effective
2023-03-29
Exact text from the filing
In addition, on March 29, 2023, the Company entered into an Amended and Restated Credit Agreement (the “ Working Capital Credit Agreement ”) with affiliates of Hazel, as the lender and administrative agent with respect to an aggregate $80 million term loan 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, in each case, after taking into account an original issue discount (collectively, the “ Working Capital Credit Facility ”).
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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

MSP Recovery, Inc. entered into Membership Interest Purchase Agreement (Purchase MIPA) with Hazel Holdings I LLC and affiliates valued at $390 million purchase price (effective 2023-03-29).

Action
entry
Agreement
asset purchase
Counterparty
Hazel Holdings I LLC and affiliates
Value
$390 million purchase price
Effective
2023-03-29
Exact text from the filing
On March 29, 2023, MSP Recovery, Inc. and/or certain of its subsidiaries (the " Company ") entered into a membership interest purchase agreement (the " Purchase MIPA ") with Hazel Holdings I LLC (together with its affiliates, " Hazel "), whereby in exchange for a purchase price of $390 million, the Company acquired from Hazel membership interests in entities that own certain claims recovery and reimbursement rights (the " Claims Purchase ").
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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

MSP Recovery, Inc. entered into Investment Agreement and Membership Interest Purchase Agreement (Sale MIPA) with Hazel Holdings I LLC and affiliates valued at $150 million purchase price (effective 2023-03-29).

Action
entry
Agreement
asset purchase
Counterparty
Hazel Holdings I LLC and affiliates
Value
$150 million purchase price
Effective
2023-03-29
Exact text from the filing
In a separate transaction on March 29, 2023, the Company entered into an investment agreement and a membership interest purchase agreement (the " Sale MIPA ") with Hazel, whereby in exchange for a purchase price of $150 million, Hazel acquired from the Company the membership interests in entities that own certain other claims recovery and reimbursement rights, provided that the Company and Hazel will share in the recovery proceeds therefrom in accordance with an agreed waterfall (the " Claims Sale ," and together with the Claims Purchase, the " Claims Transactions ").
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41 debt financings filed in the last 30 days. Browse all debt financings →

MSP Recovery, Inc. filing history →

Source: SEC EDGAR
accession 0000950170-23-011775
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