---
schema_version: "secwatch.filing_event.v1"
accession: "0000950170-23-011775"
form_type: "8-K"
ticker: "MSPR"
cik: "0001802450"
company_name: "MSP Recovery, Inc."
filed_at: "2023-04-04T23:59:59+00:00"
generated_at: "2026-06-17T06:34:38.230293+00:00"
event_type: "debt"
sentiment: "negative"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# MSP Recovery buys $390M claims from Hazel, sells $150M claims back, gets $250M loan at 20%

## Summary
- Acquired claims recovery rights for $390M; funded by $150M sale of other claims to Hazel and $250M purchase money loan.
- Purchase money loan from Hazel at 20% per annum, maturity March 31, 2026, extendable one year.
- Amended credit agreement for $80M term loan facility (Term A $30M, Term B $18M) at SOFR+10%, payable in kind.
- Loans secured by pledge of proceeds from certain claims; purchase money loan subordinated to working capital facility.
- Additional $5M drawn under Term Loan A at closing; previous $10M drawn March 6, 2023.

## SEC filing metadata
- accession: 0000950170-23-011775
- form_type: 8-K
- ticker: MSPR
- cik: 0001802450
- company_name: MSP Recovery, Inc.
- filed_at: 2023-04-04T23:59:59+00:00
- event_type: debt
- sentiment: negative
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 1.01, 2.03
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1802450/000095017023011775/0000950170-23-011775-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1802450/000095017023011775/mspr-20230329.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950170-23-011775
- JSON: https://secwatch.observer/filing/0000950170-23-011775.json
- Plain text: https://secwatch.observer/filing/0000950170-23-011775.txt

## Key facts
- Debt Financings
  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
  source text: 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 "
  evidence_url: https://www.sec.gov/Archives/edgar/data/1802450/000095017023011775/0000950170-23-011775-index.htm
- Debt Financings
  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
  source text: 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)
  evidence_url: https://www.sec.gov/Archives/edgar/data/1802450/000095017023011775/0000950170-23-011775-index.htm
- Material Agreements
  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
  source text: 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 ").
  evidence_url: https://www.sec.gov/Archives/edgar/data/1802450/000095017023011775/0000950170-23-011775-index.htm
- Material Agreements
  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
  source text: 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 ”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1802450/000095017023011775/0000950170-23-011775-index.htm
- Material Agreements
  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
  source text: 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 ").
  evidence_url: https://www.sec.gov/Archives/edgar/data/1802450/000095017023011775/0000950170-23-011775-index.htm
- Material Agreements
  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
  source text: 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 ").
  evidence_url: https://www.sec.gov/Archives/edgar/data/1802450/000095017023011775/0000950170-23-011775-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.