MSP Recovery, Inc. (MSPR): debt financing — MSP Recovery extends Virage debt maturity to Sep 2025, amends Nomura note to $30M

MSP Recovery, Inc.

Third Virage MTA Amendment extends VRM Full Return maturity to September 30, 2025, subject to acceleration triggers.
25% of net proceeds from Standby Equity Purchase Agreement with YA II PN used to pay down VRM Full Return after YA note repayment.
Company agreed to sell reserved shares of John H. Ruiz and Frank C. Quesada and deliver net cash proceeds to VRM.
Nomura Amended and Restated Promissory Note increased principal to approximately $30M and extended maturity to September 30, 2025.

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. amended debt with MSP Recovery, Inc. and Virage Capital Management, LP and Virage Recovery Master, LP maturing September 30, 2025.

Counterparty: MSP Recovery, Inc. and Virage Capital Management, LP and Virage Recovery Master, LP
Maturity: September 30, 2025
Event: amendment

Exact text from the filing

On April 1, 2024, the Company entered into the MTA Amendment No. 3 and Amendment No. 2 to the Amended and Restated Security Agreement (”Third Virage MTA Amendment“), which: (i) extended the VRM Full Return (as defined in the MTA) maturity date to September 30, 2025

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

MSP Recovery, Inc. incurred loan of approximately $30.0 million with Nomura Securities International, Inc. maturing September 30, 2025.

Instrument: loan
Principal: approximately $30.0 million
Counterparty: Nomura Securities International, Inc.
Maturity: September 30, 2025
Event: incurrence

Exact text from the filing

On March 26, 2024, the Company further amended and restated the Nomura Note (the ”A&R Note“) to: (i) increase the principal amount to approximately $30.0 million, and (ii) extend the maturity date to September 30, 2025.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

MSP Recovery, Inc. amended A&R Note with Nomura Securities International, Inc. valued at approximately $30.0 million (effective 2024-03-26).

Action: amendment
Agreement: notes offering
Counterparty: Nomura Securities International, Inc.
Value: approximately $30.0 million
Effective: 2024-03-26

Exact text from the filing

On March 26, 2024, the Company further amended and restated the Nomura Note (the "A&R Note") to: (i) increase the principal amount to approximately $30.0 million

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

MSP Recovery, Inc. amended MTA Amendment No. 3 and Amendment No. 2 to the Amended and Restated Security Agreement with Virage Capital Management, LP and Virage Recovery Master, LP (effective 2024-04-01).

Action: amendment
Agreement: credit facility
Counterparty: Virage Capital Management, LP and Virage Recovery Master, LP
Effective: 2024-04-01

Exact text from the filing

On April 1, 2024, the Company entered into the MTA Amendment No. 3 and Amendment No. 2 to the Amended and Restated Security Agreement ("Third Virage MTA Amendment")

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299 debt financings filed in the last 30 days. Browse all debt financings →

MSP Recovery, Inc. filing history →

Source: SEC EDGAR

accession 0000950170-24-039537

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