Kensington Capital Acquisition Corp. V: debt financing — Kensington Capital Acquisition V secures up to $950K working capital loan; extends CFO services agreement

Kensington Capital Acquisition Corp. V

Sponsor loans up to $950,250 via non-interest promissory note due upon business combination, Aug 17, 2024, or liquidation.
Loan may convert into warrants at $0.75 each, identical to private placement warrants exercisable at $11.50 per share.
Services agreement with DEHC LLC (CFO Daniel Huber) extended to Aug 17, 2024 at $20,000/month, max $240,000.

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

Kensington Capital Acquisition Corp. V incurred loan of up to $950,250 with Kensington Capital Sponsor V LLC at non-interest bearing maturing earlier of: (i) the consummation of the Company’s initial business combination unless converted into working capital warrants at the option of the Sponsor, at a.

Instrument: loan
Principal: up to $950,250
Counterparty: Kensington Capital Sponsor V LLC
Rate: non-interest bearing
Maturity: earlier of: (i) the consummation of the Company’s initial business combination unless converted into working capital warrants at the option of the Sponsor, at a
Event: incurrence

Exact text from the filing

On August 29, 2023, Kensington Capital Sponsor V LLC (the “Sponsor”) agreed to loan Kensington Capital Acquisition Corp. V, a Cayman Islands exempted company incorporated with limited liability (the “Company”), an aggregate of up to $950,250 to cover expenses related to the Company’s initial business combination (the “Business Combination”) pursuant to a promissory note (the “Working Capital Note”).

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Source: SEC EDGAR

accession 0001193125-23-223882

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