secwatch.observer — SEC 8-K summary
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Issuer:     BurgerFi International, Inc. (—)
CIK:        0001723580
Form:       8-K
Filed at:   2023-02-27T23:59:59+00:00
Accession:  0001193125-23-049781
Event type: other_material
Sentiment:  neutral
Materiality: 0.75
Item codes: 1.01, 5.03, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

BurgerFi enters $15.1M junior secured loan with L Catterton affiliate; amends Series A Preferred Stock terms
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- Borrowers entered $15.1M junior secured note: $10M amended/restated existing loan plus $5.1M new junior subordinated secured debt from CP7 Warming Bag (L Catterton affiliate).
- Note matures Sept 30, 2027; no cash interest or principal payments until maturity; no voluntary prepayments until Credit Agreement repaid.
- A&R CoD grants CP7 director designation rights based on Series A ownership thresholds (70%+ = 2 directors, 35-70% = 1 director, below 35% = termination).
- Series A holders gain consent rights over CEO changes and debt incurrences >$2.5M; redemption default triggers mandatory sale process.
- Amendment to SPA removes seller's director designation right, replaced by CP7 rights in A&R CoD.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1723580/000119312523049781/0001193125-23-049781-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1723580/000119312523049781/d268213d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-23-049781

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