Li-Cycle Holdings Corp.: debt financing — Li-Cycle files for creditor protection; Glencore provides $10.5M DIP and $40M stalking horse bid

Li-Cycle Holdings Corp.

Filed for CCAA creditor protection in Canada and Chapter 15 in U.S.; expects court-supervised sale and investment solicitation process.
Entered DIP facility with Glencore affiliate: up to $10.5M (with potential $1.25M increase) at 11.3% interest, subject to court approval.
Glencore stalking horse agreement to buy key subsidiaries and assets (Arizona, Alabama, New York, Germany Spokes, Rochester Hub, IP) for at least $40M plus assumed liabilities.
Event of default accelerated obligations under Glencore convertible notes (principal, interest, make-whole) and Koch Note; DOE loan not drawn.
Moved to OTC Pink Markets under symbol LICYQ; Germany Spoke to continue operating with DIP proceeds.

item 1.01 item 1.03 item 2.03 item 2.04 item 7.01 item 9.01

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

Li-Cycle Holdings Corp. faced acceleration on convertible notes of Not explicitly stated in excerpt with Glencore at Not explicitly stated in excerpt maturing Not explicitly stated in excerpt.

Instrument: convertible notes
Principal: Not explicitly stated in excerpt
Counterparty: Glencore
Rate: Not explicitly stated in excerpt
Maturity: Not explicitly stated in excerpt
Event: acceleration

Exact text from the filing

The filing of the Restructuring Proceedings described above in Item 1.03 constitutes an event of default that accelerated the Company's obligations under the Company's convertible notes held by Glencore, including the amended and restated Senior Secured Convertible Note, and the amended and restated First A&R Convertible Note and the amended and restated Second A&R Convertible Note (collectively, the " Glencore Convertible Notes ").

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

Li-Cycle Holdings Corp. faced acceleration on convertible notes of Not explicitly stated in excerpt with Wood River Capital, LLC at Not explicitly stated in excerpt maturing Not explicitly stated in excerpt.

Instrument: convertible notes
Principal: Not explicitly stated in excerpt
Counterparty: Wood River Capital, LLC
Rate: Not explicitly stated in excerpt
Maturity: Not explicitly stated in excerpt
Event: acceleration

Exact text from the filing

The filing of the Restructuring Proceedings described above in Item 1.03 also constitutes an event of default under the amended and restated convertible note (the " Koch Note ") held by Wood River Capital, LLC (" Wood River ").

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

Li-Cycle Holdings Corp. reported a default on loan of Not drawn down any funds with U.S. Department of Energy at Not explicitly stated in excerpt maturing Not explicitly stated in excerpt.

Instrument: loan
Principal: Not drawn down any funds
Counterparty: U.S. Department of Energy
Rate: Not explicitly stated in excerpt
Maturity: Not explicitly stated in excerpt
Event: default

Exact text from the filing

The filing of the Restructuring Proceedings described above in Item 1.03 also constitutes an event of default under the Company's loan agreement with the U.S. Department of Energy (" DOE ").

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Source: SEC EDGAR

accession 0001193125-25-122542

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