secwatch.observer — SEC 8-K summary
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Issuer:     PureCycle Technologies, Inc. (PCT)
CIK:        0001830033
Form:       8-K
Filed at:   2024-05-13T23:59:59+00:00
Accession:  0000950170-24-058844
Event type: debt
Sentiment:  neutral
Materiality: 0.80
Item codes: 2.03, 1.01, 3.02, 5.07, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1830033/000095017024058844/0000950170-24-058844-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1830033/000095017024058844/pct-20240507.htm
  HTML page:      https://secwatch.observer/filing/0000950170-24-058844

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer