Local Bounti amends Cargill credit agreements: reduces reserve, liquidity covenants, allows PIK interest

Local Bounti Corporation/DE

Debt service reserve reduced by ~$10M; minimum liquidity cut from $20M to $11M (or $10M with offtake).
Q4 2022 interest payment can be paid in kind (PIK), added to principal balance, preserving cash.
New CapEx covenant: aggregate new-project expenditures capped at $1M/year; existing projects capped at 105% budget.
Total credit facility remains $170M in outstanding loans and undrawn commitments.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Local Bounti Corporation/DE amended Third Amendment to Credit Agreements with Cargill Financial Services International, Inc. valued at $170.0 million (effective 2022-12-30).

Action: amendment
Agreement: credit facility
Counterparty: Cargill Financial Services International, Inc.
Value: $170.0 million
Effective: 2022-12-30

Exact text from the filing

On December 30, 2022, the Company, along with certain subsidiaries of the Company, entered into a Third Amendment to Credit Agreements (the “Third Amendment”) with Cargill Financial to further amend the Credit Agreements.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Local Bounti Corporation/DE amended Fourth Amendment to Credit Agreements with Cargill Financial Services International, Inc. valued at $11.0 million (effective 2023-01-06).

Action: amendment
Agreement: credit facility
Counterparty: Cargill Financial Services International, Inc.
Value: $11.0 million
Effective: 2023-01-06

Exact text from the filing

On January 6, 2023, the Company, along with certain subsidiaries of the Company, entered into a Fourth Amendment to Credit Agreements (the “Fourth Amendment”) with Cargill Financial to further amend the Credit Agreements, as amended by the Third Amendment.

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Local Bounti Corporation/DE filing history →

Source: SEC EDGAR

accession 0001193125-23-003676

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