TortoiseEcofin Acquisition Corp. III: debt financing — TortoiseEcofin SPAC enters $350K loan agreement; lenders to receive 175K Class B shares

TortoiseEcofin Acquisition Corp. III

Lenders loan $350,000 to sponsor, which will then lend to SPAC for working capital and extension fees.
Loan carries no interest; repayment due within 5 business days of business combination.
Sponsor to transfer 175,000 Class B ordinary shares to lenders at closing of De-SPAC.
One Energy (target) will pay lenders an additional $175,000 one-time cash payment at closing.
If business combination fails, One Energy will issue shares at recent private valuation; optional redemption at 1.05x if 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 $350,000 with TortoiseEcofin Sponsor III LLC, One Energy Enterprises Inc. and other parties at 0% maturing within five business days of the completion of the Company's initial business combination.

Instrument: loan
Principal: $350,000
Counterparty: TortoiseEcofin Sponsor III LLC, One Energy Enterprises Inc. and other parties
Rate: 0%
Maturity: within five business days of the completion of the Company's initial business combination
Event: incurrence

Exact text from the filing

On April 11, 2024, TortoiseEcofin Acquisition Corp. III (the “ Company ”) entered into Loan and Transfer Agreements with 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 $350,000 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 Sponsor and the Company are jointly responsible for the payment of the principal amount of the Loan within five business days of the completion of the Company’s initial business combination (the “ Business Combination ”).

View on SEC.gov

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

TortoiseEcofin Acquisition Corp. III incurred loan of $350,000 with TortoiseEcofin Sponsor III LLC at 0% maturing within five business days of the completion of the Company's initial business combination.

Instrument: loan
Principal: $350,000
Counterparty: TortoiseEcofin Sponsor III LLC
Rate: 0%
Maturity: within five business days of the completion of the Company's initial business combination
Event: incurrence

Exact text from the filing

On April 11, 2024, TortoiseEcofin Acquisition Corp. III (the “ Company ”) entered into Loan and Transfer Agreements with 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 $350,000 to the Sponsor (the “ Loan ”) and the Sponsor intends to loan such amount to the Company (the “ SPAC Loan ”).

View on SEC.gov

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

TortoiseEcofin Acquisition Corp. III entered into Loan and Transfer Agreements with TortoiseEcofin Sponsor III LLC, One Energy Enterprises Inc., and other parties (the Lenders) valued at $350,000 (effective 2024-04-11).

Action: entry
Counterparty: TortoiseEcofin Sponsor III LLC, One Energy Enterprises Inc., and other parties (the Lenders)
Value: $350,000
Effective: 2024-04-11

Exact text from the filing

On April 11, 2024, TortoiseEcofin Acquisition Corp. III (the “ Company ”) entered into Loan and Transfer Agreements with 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 $350,000 to the Sponsor (the “ Loan ”) and the Sponsor intends to loan such amount to the Company (the “ SPAC Loan ”).

View on SEC.gov

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

Source: SEC EDGAR

accession 0001193125-24-099086

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