{"schema_version":"secwatch.filing_event.v1","accession":"0001193125-23-295153","form_type":"8-K","ticker":"TPICQ","cik":"0001455684","company_name":"TPI COMPOSITES, INC","filed_at":"2023-12-14T23:59:59+00:00","discovered_at":"2026-05-14T18:03:29.125373+00:00","generated_at":"2026-06-07T12:42:43.082370+00:00","sec_items":["1.01","2.03","3.02","5.03","7.01","9.01"],"event_type":"debt","sentiment":"positive","materiality_score":0.75,"calibrated_materiality_score":0.75,"confidence":"high","headline":"TPI Composites refinances $436M preferred stock into $393M term loan; extends maturity to 2027","bullets":["Converts $436M Series A Preferred Stock into $393M term loan and $43M exchanged for 3.9M common shares.","Liquidity improves by approximately $190M; future obligations permanently reduced by up to $90M.","Term loan matures March 2027; interest can be paid in kind through Dec 2025; 2% discount for cash interest.","No financial maintenance covenants except minimum U.S. cash balance; prepayment penalties eliminated.","Oaktree holds 9.9% of TPI common equity on a pro forma basis after conversion."],"urls":{"canonical":"https://secwatch.observer/filing/0001193125-23-295153","json":"https://secwatch.observer/filing/0001193125-23-295153.json","markdown":"https://secwatch.observer/filing/0001193125-23-295153.md","text":"https://secwatch.observer/filing/0001193125-23-295153.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1455684/000119312523295153/0001193125-23-295153-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1455684/000119312523295153/d499851d8k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-06-07T12:42:43.082370+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"d77a9cf25fddf2c8de31152d1a532822dc0e7534","claim":"TPI COMPOSITES, INC incurred term loan of $443,000,000 with Oaktree Fund Administration, LLC at 11.00% maturing March 31, 2027.","evidence_excerpt":"to time party thereto (the “Lenders”) and Oaktree Fund Administration, LLC, as administrative agent for the Lenders. The Credit Agreement establishes a term loan facility of $443,000,000 (the “Term Loan”), consisting of (i) $393,000,000 in Initial Term Loans (as defined in the Credit Agreement), which shall be deemed made on the Closing Date by the Lenders on a","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/1455684/000119312523295153/0001193125-23-295153-index.htm","confidence":0.9,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"term loan"},{"label":"Principal","value":"$443,000,000"},{"label":"Counterparty","value":"Oaktree Fund Administration, LLC"},{"label":"Rate","value":"11.00%"},{"label":"Maturity","value":"March 31, 2027"},{"label":"Event","value":"incurrence"}],"fact_type":"debt_financing"},{"claim_id":"35883920ec06c44efa8f53a9f7f7a5aca3357274","claim":"TPI COMPOSITES, INC: Cancellation of Certificate of Designations for Series A Preferred Stock (effective 2023-12-14).","evidence_excerpt":"on December 14, 2023, the Company will file a Cancellation of Certificate of Designations of the Series A Preferred Stock (the “Certificate of Cancellation”) with the Secretary of State of the State of Delaware.","evidence_source":"SEC 8-K Item 5.03/5.05/5.06","evidence_url":"https://www.sec.gov/Archives/edgar/data/1455684/000119312523295153/0001193125-23-295153-index.htm","confidence":0.9,"family_label":"Governance Changes","details":[{"label":"Change","value":"charter amendment"},{"label":"Effective","value":"2023-12-14"}],"fact_type":"governance_change"},{"claim_id":"28a0c4d2f1036cb1009666a1472c9fcdb3ce8f35","claim":"TPI COMPOSITES, INC entered into Amended and Restated Investor Rights Agreement with the Purchasers (Oaktree funds) (effective 2023-12-14).","evidence_excerpt":"Contemporaneously with the execution and delivery of the Credit Agreement and the Purchase Agreement, the Company and the Purchasers entered into an Amended and Restated Investor Rights Agreement (the “A&R Investor Rights Agreement”), which amends and restates in its entirety that certain Investor Rights Agreement, dated as of November 22, 2021, by and between the Company and the Purchasers.","evidence_source":"SEC 8-K Item 1.01/1.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1455684/000119312523295153/0001193125-23-295153-index.htm","confidence":0.9,"family_label":"Material Agreements","details":[{"label":"Action","value":"entry"},{"label":"Agreement","value":"credit facility"},{"label":"Counterparty","value":"the Purchasers (Oaktree funds)"},{"label":"Effective","value":"2023-12-14"}],"fact_type":"material_agreement"},{"claim_id":"690555db96eb0793cafc7cfd66ddeb36f377186a","claim":"TPI COMPOSITES, INC entered into Common Stock Purchase Agreement with Oaktree Power Opportunities Fund V (Delaware) Holdings, L.P., OPPS TPIC Holdings, LLC and Oaktree Phoenix Investment Fund, L.P. valued at $43,000,000 (effective 2023-12-14).","evidence_excerpt":"On December 14, 2023, the Company entered into a Common Stock Purchase Agreement (the “Purchase Agreement”) with Oaktree Power Opportunities Fund V (Delaware) Holdings, L.P., OPPS TPIC Holdings, LLC and Oaktree Phoenix Investment Fund, L.P. (collectively, the “Purchasers”). Pursuant to the Purchase Agreement, the Purchasers have agreed to waive, cancel and terminate their respective rights to an aggregate of $43,000,000 of accrued and unpaid dividends on the shares of Series A Preferred Stock in exchange for, and in consideration of, the issuance by the Company of an aggregate of 3,899,903 shares of the Company’s common stock","evidence_source":"SEC 8-K Item 1.01/1.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1455684/000119312523295153/0001193125-23-295153-index.htm","confidence":0.95,"family_label":"Material Agreements","details":[{"label":"Action","value":"entry"},{"label":"Agreement","value":"equity purchase"},{"label":"Counterparty","value":"Oaktree Power Opportunities Fund V (Delaware) Holdings, L.P., OPPS TPIC Holdings, LLC and Oaktree Phoenix Investment Fund, L.P."},{"label":"Value","value":"$43,000,000"},{"label":"Effective","value":"2023-12-14"}],"fact_type":"material_agreement"},{"claim_id":"d12c4615b93dd0f28b13c7d47143e71a415eb6b5","claim":"TPI COMPOSITES, INC entered into Credit Agreement and Guaranty with Oaktree Fund Administration, LLC, as administrative agent, and lenders including funds managed by Oaktree Capital Management, LP valued at $443,000,000 (effective 2023-12-14).","evidence_excerpt":"On December 14, 2023, TPI Composites, Inc., a Delaware corporation (the “Company”), entered into the following agreements with funds managed by Oaktree Capital Management, LP (“Oaktree”) to refinance Oaktree’s outstanding Series A Preferred Stock holdings in the Company. Credit Agreement and Guaranty On December 14, 2023 (the “Closing Date”), the Company entered into a Credit Agreement and Guaranty (the “Credit Agreement”) with the subsidiary guarantors from time to time party thereto, the lenders from time to time party thereto (the “Lenders”) and Oaktree Fund Administration, LLC, as administrative agent for the Lenders. The Credit Agreement establishes a term loan facility of $443,000,000 (the “Term Loan”)","evidence_source":"SEC 8-K Item 1.01/1.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1455684/000119312523295153/0001193125-23-295153-index.htm","confidence":0.95,"family_label":"Material Agreements","details":[{"label":"Action","value":"entry"},{"label":"Agreement","value":"credit facility"},{"label":"Counterparty","value":"Oaktree Fund Administration, LLC, as administrative agent, and lenders including funds managed by Oaktree Capital Management, LP"},{"label":"Value","value":"$443,000,000"},{"label":"Effective","value":"2023-12-14"}],"fact_type":"material_agreement"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}