secwatch.observer — SEC 8-K summary
======================================

Issuer:     MSP Recovery, Inc. (MSPR)
CIK:        0001802450
Form:       8-K
Filed at:   2024-10-07T23:59:59+00:00
Accession:  0000950170-24-113229
Event type: debt
Sentiment:  neutral
Materiality: 0.60
Item codes: 1.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

MSP Recovery draws $9M at 40% OID; Hazel waives 2024 going-concern default trigger
--------------------------------------------------------------------------------

- Drew $7M of $14M working capital (40% OID) and $2M for claims acquisition (40% OID) under amended credit line.
- Hazel waived acceleration clause that would trigger on negative going-concern opinion for FY2024.
- Amendment formalizes previously disclosed letter agreement; adds new credit party and claim distribution structure.
- Third-party sale of certain claims requires Hazel floor price; proceeds split 50/50 between ops and loan repayment.
- Hazel agreed to release mortgage and guaranty upon full repayment of Operational Collection Floor by Dec 31, 2024.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1802450/000095017024113229/0000950170-24-113229-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1802450/000095017024113229/lifw-20241002.htm
  HTML page:      https://secwatch.observer/filing/0000950170-24-113229

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