PureCycle affiliate buys $246.75M in bonds, amends indenture to release ~$25.4M in reserves

PureCycle Technologies, Inc.

Guarantor purchased $246.75M aggregate principal of outstanding bonds on March 5, 2024, becoming Majority Holder.
Fourth Supplemental Indenture releases $22.14M from Senior Debt Service Reserve and $3.26M from Repair and Replacement Fund.
Senior and Subordinate Debt Service Reserve Requirements and Repair and Replacement Requirement reduced to $0.
Provisions governing funding and maintenance of those reserve funds are suspended until further amendment.
Freeing up cash improves liquidity for PureCycle: Ohio LLC's Ironton recycling facility project.

Key facts

Extracted from this filing and checked against the source text.

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

PureCycle Technologies, Inc. amended Fourth Supplemental Indenture with Southern Ohio Port Authority valued at released $22,135,956.99 from Senior Bonds Debt Service Reserve Fund and $3,261,291.24 from Repair an (effective 2024-03-25).

Action: amendment
Agreement: notes offering
Counterparty: Southern Ohio Port Authority
Value: released $22,135,956.99 from Senior Bonds Debt Service Reserve Fund and $3,261,291.24 from Repair an
Effective: 2024-03-25

Exact text from the filing

On March 25, 2024, SOPA, as Issuer, PCO, the Guarantor, PCTO Holdco LLC, a Delaware limited liability company and affiliate of PCO (the pledgor under the Equity Pledge and Security Agreement) and the Trustee entered into the Fourth Supplemental Indenture (the “Fourth Supplemental Indenture”) which amended certain provisions of the Indenture, the Loan Agreement and that certain Amended and Restated Guaranty of Completion, entered into as of May 11, 2021, and effective as of October 7, 2020 (the “Guaranty”), by instructing the Trustee to release $22,135,956.99 from the Senior Bonds Debt Service Reserve Fund and $3,261,291.24 from the Repair and Replacement Fund, in each case, to PCO.

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PureCycle Technologies, Inc. filing history →

Source: SEC EDGAR

accession 0000950170-24-035973

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