Neptune Wellness Solutions Inc.: debt financing — Neptune Wellness waives $2M prepayment, pays $1M now; interest rate jumps to 24%

Neptune Wellness Solutions Inc.

Waived $1M of $2M mandatory prepayment due May 15; paid $1M, remaining due July 31, 2023.
Interest rate on $4.76M principal increased to 24% per annum from March 31 until full prepayment.
Extension fee of $138,606 added to principal; Delayed Draw Term Notes reduced to $0.
Collateral Agent gets board observer rights at Sprout Foods until full repayment.
Company granted waiver of default; further 30-day extension possible if S-1 filed by July 31.

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

Neptune Wellness Solutions Inc. amended debt with CCUR Holdings, Inc. (Collateral Agent) and the purchasers named therein at twenty four percent (24%) per annum.

Counterparty: CCUR Holdings, Inc. (Collateral Agent) and the purchasers named therein
Rate: twenty four percent (24%) per annum
Event: amendment

Exact text from the filing

On May 22, 2023, Neptune Wellness Solutions Inc. (the " Company ") entered into a Waiver and Second Amendment to Note Purchase Agreement (the " Waiver Agreement "), with CCUR Holdings, Inc. (" Collateral Agent ") and the purchasers named therein, related to the Note Purchase Agreement dated as of January 12, 2023 (the " Note Purchase Agreement ").

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Neptune Wellness Solutions Inc. amended Waiver and Second Amendment to Note Purchase Agreement with CCUR Holdings, Inc. as Collateral Agent and purchasers named therein valued at Waiver of $2M mandatory prepayment until July 31, 2023 (or 30 days later if S-1 filed); $1M paid; in (effective 2023-05-22).

Action: amendment
Agreement: notes offering
Counterparty: CCUR Holdings, Inc. as Collateral Agent and purchasers named therein
Value: Waiver of $2M mandatory prepayment until July 31, 2023 (or 30 days later if S-1 filed); $1M paid; in
Effective: 2023-05-22

Exact text from the filing

Item 1.01 Entry into a Material Definitive Agreement. On May 22, 2023, Neptune Wellness Solutions Inc. (the " Company ") entered into a Waiver and Second Amendment to Note Purchase Agreement (the " Waiver Agreement "), with CCUR Holdings, Inc. (" Collateral Agent ") and the purchasers named therein, related to the Note Purchase Agreement dated as of January 12, 2023 (the " Note Purchase Agreement ").

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Source: SEC EDGAR

accession 0000950170-23-024528

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