Everest Consolidator Acquisition Corp: debt financing — Everest Consolidator extends business combination deadline to April 28, 2024; ups sponsor note to $4M

Everest Consolidator Acquisition Corp

Second A&R Promissory Note increased borrowing capacity from prior amount to $4,000,000; interest 6% on first $1.5M, 18% thereafter.
Maturity date changed to earlier of business combination close or May 7, 2024.
Extended business combination deadline by one month to April 28, 2024, with $150,000 deposit into trust account (second of six permitted monthly extensions).
Note proceeds used for diligence and completion of the merger per May 19, 2023 Business Combination Agreement.

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

Everest Consolidator Acquisition Corp amended loan of up to $4,000,000 with Everest Consolidator Sponsor, LLC maturing the earlier of (x) the closing of the Company’s business combination pursuant to that certain Business Combination Agreement, dated May 19, 2023, by and among t.

Instrument: loan
Principal: up to $4,000,000
Counterparty: Everest Consolidator Sponsor, LLC
Maturity: the earlier of (x) the closing of the Company’s business combination pursuant to that certain Business Combination Agreement, dated May 19, 2023, by and among t
Event: amendment

Exact text from the filing

On March 26, 2024, Everest Consolidator Acquisition Corporation. (the “Company”) and Everest Consolidator Sponsor, LLC (the “Sponsor”) amended and restated the unsecured promissory note issued by the Company to the Sponsor, dated May 7, 2023 as amended by that certain Amended and Restated Promissory Note dated as of December 7, 2023 (the “Second A&R Promissory Note”), to, among other things, (i) increase the principal amount of the Second A&R Promissory Note that may be drawn upon by the Company up to $4,000,000, and (ii) amend the maturity date to the earlier of (x) the closing of the Company’s business combination pursuant to that certain Business Combination Agreement, dated May 19, 2023, by and among the Company and the parties thereto or (y) May 7, 2024.

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Source: SEC EDGAR

accession 0001104659-24-039210

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