PureCycle sells $94.3M bonds at 80% par, prepays $40M term loan with stock warrants

PureCycle Technologies, Inc.

Sold ~$94.3M par of 2020A/B/C bonds to Pure Plastic at $800/$1,000 par (80% of par).
Purchase price includes deemed satisfaction of ~$45.45M term loan and $30M cash; loan had 12.9% rate.
Issued Series B warrants for ~3.1M shares at $11.50 to satisfy 12% prepayment premium; expire Dec 2030.
Annual meeting: all 7 directors elected; Grant Thornton ratified; say-on-pay passed with >70% support.
Pure Plastic affiliates are >5% holders; transaction involves related party and amends credit agreement.

item 2.03 item 1.01 item 3.02 item 5.07 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Shareholder Votes SEC 8-K Item 5.07 confidence 1.0

PureCycle Technologies, Inc. shareholders approved Ratify the appointment of Grant Thornton, LLP as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2024 at the 2024-05-08 meeting.

Proposal: auditor ratification
Outcome: passed
Meeting: 2024-05-08

Exact text from the filing

Proposal 2 – Ratify the appointment of Grant Thornton, LLP as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2024. Votes For Votes Against Abstain Broker Non Vote 120,793,638.42 265,731 125,635 0

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Shareholder Votes SEC 8-K Item 5.07 confidence 0.9

PureCycle Technologies, Inc. shareholders approved Election of Directors at the 2024-05-08 meeting.

Proposal: director election
Outcome: passed
Meeting: 2024-05-08

Exact text from the filing

Proposal 1 – Elect the seven directors recommended by the Company’s Nominating and Corporate Governance Committee, approved by the Company’s Board of Directors, and named in the Proxy Statement:

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Shareholder Votes SEC 8-K Item 5.07 confidence 1.0

PureCycle Technologies, Inc. shareholders approved Advisory vote on named executive officer compensation at the 2024-05-08 meeting.

Proposal: say on pay
Outcome: passed
Meeting: 2024-05-08

Exact text from the filing

Proposal 3 – Approve, on an advisory basis, the Company’s named executive officer compensation. Votes For Votes Against Abstain Broker Non Vote 70,981,884.42 20,262,151 374,038 29,566,931

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PureCycle Technologies, Inc. filing history →

Source: SEC EDGAR

accession 0000950170-24-058844

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