Local Bounti Corporation/DE (LOCL): debt financing — Local Bounti completes $35M sale-leaseback of two CA facilities for non-dilutive cash

Local Bounti Corporation/DE

Sold Carpinteria and Oxnard facilities for $35M to STORE Master Funding XXXI; 25-year lease with four 5-year renewal options.
Base annual rent $3.24M in year one, increasing 3% annually.
Combined with up to $110M Cargill credit amendment, total up to $145M to support growth plans.
Also entered term sheets for up to $90M USDA debt; initial $35M tranche expected Q2 2023.
CFO says over $58M of capital is now available to fund operations.

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

Local Bounti Corporation/DE incurred lease obligation of $35 million multi-site sale and leaseback transaction with STORE Master Funding XXXI, LLC at Base Annual Rent of $3,237,500 increasing by 3% annually on each adjustment date maturing 25-year initial term expiring April 30, 2048, with four 5-year extension options through April 30, 2068.

Instrument: lease obligation
Principal: $35 million multi-site sale and leaseback transaction
Counterparty: STORE Master Funding XXXI, LLC
Rate: Base Annual Rent of $3,237,500 increasing by 3% annually on each adjustment date
Maturity: 25-year initial term expiring April 30, 2048, with four 5-year extension options through April 30, 2068
Event: incurrence

Exact text from the filing

On April 27, 2023, Hollandia Real Estate, LLC (“Hollandia”), a wholly-owned subsidiary of Local Bounti Corporation (the “Company”), and STORE Master Funding XXXI, LLC (“STORE”) consummated a $35 million multi-site sale and leaseback transaction relating to the Carpinteria Facility and the Oxnard Facility

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

Local Bounti Corporation/DE entered into Master Lease Agreement with STORE Master Funding XXXI, LLC valued at $35 million (effective 2023-04-27).

Action: entry
Agreement: lease
Counterparty: STORE Master Funding XXXI, LLC
Value: $35 million
Effective: 2023-04-27

Exact text from the filing

On April 27, 2023, Hollandia Real Estate, LLC (“Hollandia”), a wholly-owned subsidiary of Local Bounti Corporation (the “Company”), and STORE Master Funding XXXI, LLC (“STORE”) consummated a $35 million multi-site sale and leaseback transaction relating to the Carpinteria Facility and the Oxnard Facility (collectively, the “Hollandia Facilities”). In connection with the sale and leaseback transaction, Hollandia and STORE entered into a Master Lease Agreement (the “Lease”), dated April 27, 2023 (the “Effective Date”).

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114 debt financings filed in the last 30 days. Browse all debt financings →

Local Bounti Corporation/DE filing history →

Source: SEC EDGAR

accession 0001193125-23-134439

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