Hainan Manaslu Acquisition Corp.: debt financing — Hainan Manaslu issued $300K unsecured promissory note to sponsor Bright Winlong LLC

Hainan Manaslu Acquisition Corp.

Note principal up to $300,000, no interest, matures on Dec 31, 2023 or at business combination.
Proceeds to fund working capital needs of the SPAC pending a business combination.
Sponsor Bright Winlong LLC waives any claim against the trust account from the IPO.
Drawdowns available in minimum $1,000 increments upon written request, funded within one business day.

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

Hainan Manaslu Acquisition Corp. incurred loan of $300,000 with Bright Winlong LLC at does not bear interest maturing earlier of (i) December 31, 2023 or (ii) the closing of a business combination by the Company.

Instrument: loan
Principal: $300,000
Counterparty: Bright Winlong LLC
Rate: does not bear interest
Maturity: earlier of (i) December 31, 2023 or (ii) the closing of a business combination by the Company
Event: incurrence

Exact text from the filing

On March 21, 2023, Hainan Manaslu Acquisition Corp. (the “Company”) issued an unsecured promissory note in the aggregate principal amount of $300,000 (the “Note”) to Bright Winlong LLC, the Company’s initial public offering sponsor (“Sponsor”) in exchange for Sponsor delivering such amount into the Company’s working capital account in order to meet the working capital needs of the Company. The Note does not bear interest and matures on the earlier of (i) December 31, 2023 or (ii) the closing of a business combination by the Company.

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Source: SEC EDGAR

accession 0001213900-23-023172

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