Roadzen Inc. (RDZN): debt financing — Vahanna extends deadline for Roadzen merger to Aug 26 via $660K sponsor deposit

Roadzen Inc.

Sponsor deposited $660,330 ($0.033/share) into trust to extend deadline for Roadzen business combination by one month to August 26, 2023.
Principal of promissory note to sponsor increased to $2,179,089; note capacity raised from $1.5M to $4.0M.
Note bears 20% interest with 10% OID; payable upon deal close or liquidation.
Business combination with Roadzen expected to close in Q3 2023, subject to shareholder approval and SEC review.
This extension is the third and final permitted one-month extension under Vahanna's governing documents.

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

Roadzen Inc. amended loan of increased the aggregate principal amount available to be advanced and readvanced from $1,500,000 to $4,000,000 with Vahanna LLC at twenty percent (20.0%) per annum with an original issue discount of ten percent maturing the earlier of (i) the date on which the Business Combination is consummated and (ii) the date of the liquidation of the Company.

Instrument: loan
Principal: increased the aggregate principal amount available to be advanced and readvanced from $1,500,000 to $4,000,000
Counterparty: Vahanna LLC
Rate: twenty percent (20.0%) per annum with an original issue discount of ten percent
Maturity: the earlier of (i) the date on which the Business Combination is consummated and (ii) the date of the liquidation of the Company
Event: amendment

Exact text from the filing

On July 24, 2023, the Company and the Sponsor amended the Note (as defined below) in order to increase the aggregate principal amount available to be advanced and readvanced from $1,500,000 to $4,000,000.

View on SEC.gov

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Roadzen Inc. incurred loan of aggregate of $660,330 with Vahanna LLC at twenty percent (20.0%) per annum with an original issue discount of ten percent maturing the earlier of (i) the date on which the Business Combination is consummated and (ii) the date of the liquidation of the Company.

Instrument: loan
Principal: aggregate of $660,330
Counterparty: Vahanna LLC
Rate: twenty percent (20.0%) per annum with an original issue discount of ten percent
Maturity: the earlier of (i) the date on which the Business Combination is consummated and (ii) the date of the liquidation of the Company
Event: incurrence

Exact text from the filing

Exchange Act. ☐ Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. On July 24, 2023, an aggregate of $660,330 (the “Extension Payment”) was deposited by Vahanna LLC, a Delaware limited liability company (“Sponsor”), into the trust account of Vahanna Tech Edge Acquisition I Corp.

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Roadzen Inc. filing history →

Source: SEC EDGAR

accession 0001193125-23-193548

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