Enphys Acquisition Corp.: debt financing — SPAC Enphys extends note deadline to Dec 31, 2024; obtains $200k in new sponsor loans for ops

Enphys Acquisition Corp.

First Amendment extends 2023 note termination from July 1, 2024 to Dec 31, 2024 if no business combination.
Issued variable-rate note (up to $100k, Term SOFR + 3%) with sponsor to fund daily ops and due diligence.
Issued fixed-rate note (up to $100k, 12% p.a.) with same terms; both notes mature upon deal or terminate if no deal by Dec 31, 2024.
All loans non-recourse to the company if no business combination by Dec 31, 2024; sponsor waives claims against trust account.
Drawdowns minimum $10k; maximum outstanding $100k per note; interest capitalized (PIK).

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

Enphys Acquisition Corp. amended loan of Not specified with Enphys Acquisition Sponsor LLC at Not specified maturing Extended to December 31, 2024.

Instrument: loan
Principal: Not specified
Counterparty: Enphys Acquisition Sponsor LLC
Rate: Not specified
Maturity: Extended to December 31, 2024
Event: amendment

Exact text from the filing

On March 1, 2024, Enphys Acquisition Corp. (the “Company”) and Enphys Acquisition Sponsor LLC, a Delaware limited liability company (the “Payee”) entered into a First Amendment to Promissory Note (the “Amendment”) to amend the promissory note issued by the Company to Payee on October 30, 2023 (the “2023 Promissory Note”) as described in the Current Report on Form 8-K filed by the Company with the U.S. Securities and Exchange Commission (the “SEC”) on October 30, 2023.

View on SEC.gov

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

Enphys Acquisition Corp. incurred loan of an aggregate of $100,000 with Enphys Acquisition Sponsor LLC at twelve percent (12%) per annum maturing the date on which the Company consummates an initial business combination, but if not by December 31, 2024, then cancellation.

Instrument: loan
Principal: an aggregate of $100,000
Counterparty: Enphys Acquisition Sponsor LLC
Rate: twelve percent (12%) per annum
Maturity: the date on which the Company consummates an initial business combination, but if not by December 31, 2024, then cancellation
Event: incurrence

Exact text from the filing

On March 31, 2024, the Company issued a promissory note (the “Variable Rate Promissory Note”) to the Payee, pursuant to which the Company may borrow an aggregate of $100,000 from the Payee in order to fund costs and expenses related to the Company’s daily operations and due diligence in connection with a potential business combination and which the Company shall repay on the date on which the Company consummates an initial business combination.

View on SEC.gov

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

Instrument: loan
Principal: an aggregate of $100,000
Counterparty: Enphys Acquisition Sponsor LLC
Rate: twelve percent (12%) per annum
Maturity: the date on which the Company consummates an initial business combination, but if not by December 31, 2024, then cancellation
Event: incurrence

Exact text from the filing

On March 1, 2024, the Company issued a promissory note (the “Fixed Rate Promissory Note”) to the Payee, pursuant to which the Company may borrow an aggregate of $100,000 from the Payee in order to fund costs and expenses related to the Company’s daily operations and due diligence in connection with a potential business combination and which the Company shall repay on the date on which the Company consummates an initial business combination.

View on SEC.gov

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

Enphys Acquisition Corp. amended First Amendment to Promissory Note with Enphys Acquisition Sponsor LLC (effective 2024-03-01).

Action: amendment
Agreement: credit facility
Counterparty: Enphys Acquisition Sponsor LLC
Effective: 2024-03-01

Exact text from the filing

On March 1, 2024, Enphys Acquisition Corp. (the “Company”) and Enphys Acquisition Sponsor LLC, a Delaware limited liability company (the “Payee”) entered into a First Amendment to Promissory Note (the “Amendment”) to amend the promissory note issued by the Company to Payee on October 30, 2023 (the “2023 Promissory Note”)

View on SEC.gov

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

Enphys Acquisition Corp. entered into Fixed Rate Promissory Note with Enphys Acquisition Sponsor LLC valued at $100,000 (effective 2024-03-01).

Action: entry
Agreement: credit facility
Counterparty: Enphys Acquisition Sponsor LLC
Value: $100,000
Effective: 2024-03-01

Exact text from the filing

On March 1, 2024, the Company issued a promissory note (the “Fixed Rate Promissory Note”) to the Payee, pursuant to which the Company may borrow an aggregate of $100,000 from the Payee

View on SEC.gov

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

Enphys Acquisition Corp. entered into Variable Rate Promissory Note with Enphys Acquisition Sponsor LLC valued at $100,000 (effective 2024-03-31).

Action: entry
Agreement: credit facility
Counterparty: Enphys Acquisition Sponsor LLC
Value: $100,000
Effective: 2024-03-31

Exact text from the filing

On March 31, 2024, the Company issued a promissory note (the “Variable Rate Promissory Note”) to the Payee, pursuant to which the Company may borrow an aggregate of $100,000 from the Payee

View on SEC.gov

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

Source: SEC EDGAR

accession 0001140361-24-011403

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