TortoiseEcofin Acquisition Corp. III: debt financing — TortoiseEcofin SPAC secures $1M loan for extension and working capital ahead of One Energy deal

TortoiseEcofin Acquisition Corp. III

Lenders provide $1.0M aggregate loan to sponsor; sponsor lends same amount to SPAC for extension fees and working capital.
Loan is non-interest bearing; principal due within 5 business days of closing the business combination with One Energy.
Sponsor to transfer 499,500 Class B ordinary shares to lenders upon closing as additional consideration.
One Energy to pay lenders $499,500 cash within 5 business days of closing.
If business combination fails, lenders may receive One Energy common stock at latest private valuation; put option at 1.05x principal if stock not listed by Dec 31, 2026.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

TortoiseEcofin Acquisition Corp. III incurred loan of $1.0 million with One Energy Enterprises Inc. and other Lenders at will not accrue any interest maturing within five business days of the completion of the Company's initial business combination with One Energy.

Instrument: loan
Principal: $1.0 million
Counterparty: One Energy Enterprises Inc. and other Lenders
Rate: will not accrue any interest
Maturity: within five business days of the completion of the Company's initial business combination with One Energy
Event: incurrence

Exact text from the filing

sponsor (the “ Sponsor ”), One Energy Enterprises Inc. (“ One Energy ”) and other parties (the “ Lenders ”), pursuant to which the Lenders agreed to loan an aggregate of $1.0 million to the Sponsor (the “ Loan ”) and the Sponsor intends to loan such amount to the Company (the “ SPAC Loan ”). Neither the Loan nor the SPAC Loan will accrue any interest. The

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

TortoiseEcofin Acquisition Corp. III entered into Loan and Transfer Agreements with One Energy Enterprises Inc. valued at Loan of $1.0 million (effective 2023-12-10).

Action: entry
Agreement: credit facility
Counterparty: One Energy Enterprises Inc.
Value: Loan of $1.0 million
Effective: 2023-12-10

Exact text from the filing

On December 10, 2023, TortoiseEcofin Acquisition Corp. III (the “ Company ”) entered into Loan and Transfer Agreements between the Company, TortoiseEcofin Sponsor III LLC, the Company’s sponsor (the “ Sponsor ”), One Energy Enterprises Inc. (“ One Energy ”) and other parties (the “ Lenders ”), pursuant to which the Lenders agreed to loan an aggregate of $1.0 million to the Sponsor (the “ Loan ”) and the Sponsor intends to loan such amount to the Company (the “ SPAC Loan ”).

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Source: SEC EDGAR

accession 0001193125-23-295512

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