---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-23-003676"
form_type: "8-K"
ticker: "LOCL"
cik: "0001840780"
company_name: "Local Bounti Corporation/DE"
filed_at: "2023-01-06T23:59:59+00:00"
generated_at: "2026-06-20T18:58:54.418241+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001193125-23-003676
- form_type: 8-K
- ticker: LOCL
- cik: 0001840780
- company_name: Local Bounti Corporation/DE
- filed_at: 2023-01-06T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 1.01, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1840780/000119312523003676/0001193125-23-003676-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1840780/000119312523003676/d442950d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-23-003676
- JSON: https://secwatch.observer/filing/0001193125-23-003676.json
- Plain text: https://secwatch.observer/filing/0001193125-23-003676.txt

## Key facts
- Material Agreements
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1840780/000119312523003676/0001193125-23-003676-index.htm
- Material Agreements
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1840780/000119312523003676/0001193125-23-003676-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.