Offerpad Solutions Inc. (OPAD): debt financing — Offerpad amends loan facility, extends maturity to March 2024, adjusts credit lines

Offerpad Solutions Inc.

Extends maturity of Revolving Senior and Mezz Loans to March 31, 2024.
Revolving Senior Loan decreased from $85M to $75M ($50M committed); Mezz Loan increased from $14M to $52.5M ($35M committed).
Interest rates amended; related-party transaction with LL Funds (director Roberto Sella is managing member).
Loan agreement dated Dec. 16, 2022 between Offerpad subsidiary and LL Private Lending Funds.

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

Offerpad Solutions Inc. amended revolving credit of $75 million for Revolving Senior Loan (committed $50 million) and $52.5 million for Revolving Mezz Loan (committed $35 m with LL Private Lending Fund, L.P., LL Private Lending Fund II, L.P., and LL Funds, LLC maturing March 31, 2024.

Instrument: revolving credit
Principal: $75 million for Revolving Senior Loan (committed $50 million) and $52.5 million for Revolving Mezz Loan (committed $35 m
Counterparty: LL Private Lending Fund, L.P., LL Private Lending Fund II, L.P., and LL Funds, LLC
Maturity: March 31, 2024
Event: amendment

Exact text from the filing

The Seventh Amended and Restated Agreement, among other things, extends the maturity of the Revolving Senior Loan and Revolving Mezz Loan (collectively, the “Loans”) to March 31, 2024, amends the interest rates applicable to the Loans, decreases the amount available under the Revolving Senior Loan from $85 million to $75 million (of which $50 million is committed) and increases the amount available under Revolving Mezz Loan from $14 million to $52.5 million (of which $35 million is committed).

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

Offerpad Solutions Inc. amended Seventh Amended and Restated Loan and Security Agreement with LL Private Lending Fund, L.P., LL Private Lending Fund II, L.P., and LL Funds, LLC (effective 2022-12-15).

Action: amendment
Agreement: credit facility
Counterparty: LL Private Lending Fund, L.P., LL Private Lending Fund II, L.P., and LL Funds, LLC
Effective: 2022-12-15

Exact text from the filing

On December 16, 2022, Offerpad (SVPBORROWER1), LLC, as borrower (“SPV1”), a wholly owned subsidiary of Offerpad Solutions Inc. (the “Company”), and LL Private Lending Fund, L.P., as a lender under the Revolving Senior Loan, LL Private Lending Fund II, L.P., as a lender under the Revolving Mezz Loan, and LL Funds, LLC, as collateral agent, (collectively, the “LL Funds”), entered into the Seventh Amended and Restated Loan and Security Agreement, dated as of December 15, 2022

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Offerpad Solutions Inc. filing history →

Source: SEC EDGAR

accession 0001193125-22-308410

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