---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-23-074037"
form_type: "8-K"
ticker: "LOCL"
cik: "0001840780"
company_name: "Local Bounti Corporation/DE"
filed_at: "2023-03-17T23:59:59+00:00"
generated_at: "2026-06-17T23:47:58.896387+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# Local Bounti amends Cargill credit facility; reports FY2022 sales $19.5M, net loss $111.1M

## Summary
- Fifth Amendment reduces required cash in debt service reserve by ~$11M until April 2, 2024; allows PIK interest and Q1 2023 unused fee.
- Minimum liquidity covenant reduced from $11M to $1M.
- Preliminary FY2022 sales $19.5M, adjusted gross margin 38%, net loss $111.1M, adjusted EBITDA loss $29.8M.
- Company expects to file 10-K on or about March 29, 2023; earnings call March 29 at 8am ET.
- Aggregate outstanding loans and undrawn commitments remain $170M (plus PIK interest).

## SEC filing metadata
- accession: 0001193125-23-074037
- form_type: 8-K
- ticker: LOCL
- cik: 0001840780
- company_name: Local Bounti Corporation/DE
- filed_at: 2023-03-17T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 1.01, 2.02, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1840780/000119312523074037/0001193125-23-074037-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1840780/000119312523074037/d485924d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-23-074037
- JSON: https://secwatch.observer/filing/0001193125-23-074037.json
- Plain text: https://secwatch.observer/filing/0001193125-23-074037.txt

## Key facts
- Debt Financings
  Local Bounti Corporation/DE amended credit facility of $170.0 million with Cargill Financial Services International, Inc..
  - Instrument: credit facility
  - Principal: $170.0 million
  - Counterparty: Cargill Financial Services International, Inc.
  - Event: amendment
  source text: in each of the Credit Agreements from $11.0 million to $1.0 million. The aggregate amount of outstanding loans and undrawn commitments under the Credit Agreements remains at $170.0 million (plus interest paid in kind). All capitalized terms above that are not defined elsewhere have the meanings ascribed to them in the Fifth Amendment or the Credit Agreements, as
  evidence_url: https://www.sec.gov/Archives/edgar/data/1840780/000119312523074037/0001193125-23-074037-index.htm
- Earnings Releases
  Local Bounti Corporation/DE reported the year ended December 31, 2022 results: revenue $19.5 million, net income $111.1 million.
  - Period: the year ended December 31, 2022
  - Revenue: $19.5 million
  - Net income: $111.1 million
  - Result: preliminary results
  source text: For the full year ended December 31, 2022, the Company generated sales of $19.5 million, adjusted gross margin of 38%, net loss of $111.1 million, and adjusted EBITDA loss of $29.8 million.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1840780/000119312523074037/0001193125-23-074037-index.htm
- Material Agreements
  Local Bounti Corporation/DE amended Fifth Amendment to Credit Agreements with Cargill Financial Services International, Inc. (effective 2023-03-13).
  - Action: amendment
  - Agreement: credit facility
  - Counterparty: Cargill Financial Services International, Inc.
  - Effective: 2023-03-13
  source text: On March 13, 2023, the Company, along with certain subsidiaries of the Company, entered into a Fifth Amendment to Credit Agreements (the "Fifth Amendment") with Cargill Financial to further amend the Credit Agreements.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1840780/000119312523074037/0001193125-23-074037-index.htm

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