secwatch.observer — SEC 8-K summary
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Issuer:     MSP Recovery, Inc. (MSPR)
CIK:        0001802450
Form:       8-K
Filed at:   2023-04-04T23:59:59+00:00
Accession:  0000950170-23-011775
Event type: debt
Sentiment:  negative
Materiality: 0.80
Item codes: 1.01, 2.03
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1802450/000095017023011775/0000950170-23-011775-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1802450/000095017023011775/mspr-20230329.htm
  HTML page:      https://secwatch.observer/filing/0000950170-23-011775

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