Blue Ocean Acquisition Corp: debt financing — Blue Ocean Acquisition Corp secures $1.5M sponsor note for business combination costs and extension

Blue Ocean Acquisition Corp

Entered $1.5M promissory note with sponsor Blue Ocean Sponsor LLC on June 20, 2023; $350,000 drawn on June 30, 2023.
Proceeds fund working capital, transaction costs, and monthly trust deposits to extend deadline from Sept 2023 to June 2024.
Principal due on earliest of June 7, 2024, initial business combination, or liquidation; sponsor may convert into private placement warrants at $1 per warrant.
Extension provides up to nine additional months for the SPAC to complete an initial business combination.

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

Blue Ocean Acquisition Corp incurred loan of up to an aggregate of one million five hundred thousand U.S. Dollars ($1,500,000.00) with Blue Ocean Sponsor LLC maturing June 7, 2024.

Instrument: loan
Principal: up to an aggregate of one million five hundred thousand U.S. Dollars ($1,500,000.00)
Counterparty: Blue Ocean Sponsor LLC
Maturity: June 7, 2024
Event: incurrence

Exact text from the filing

On June 20, 2023, Blue Ocean Acquisition Corp (the “Company”) issued an unsecured promissory note (the “Sponsor Note”) to the Company’s sponsor, Blue Ocean Sponsor LLC (the “Sponsor”), which provides for borrowings from time to time of up to an aggregate of one million five hundred thousand U.S. Dollars ($1,500,000.00)

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

Blue Ocean Acquisition Corp incurred debt of $350,000 with Blue Ocean Sponsor LLC.

Principal: $350,000
Counterparty: Blue Ocean Sponsor LLC
Event: incurrence

Exact text from the filing

o the Company’s sponsor, Blue Ocean Sponsor LLC (the “Sponsor”), which provides for borrowings from time to time of

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

Blue Ocean Acquisition Corp entered into Sponsor Note with Blue Ocean Sponsor LLC valued at $1,500,000.00 (effective 2023-06-20).

Action: entry
Agreement: credit facility
Counterparty: Blue Ocean Sponsor LLC
Value: $1,500,000.00
Effective: 2023-06-20

Exact text from the filing

On June 20, 2023, Blue Ocean Acquisition Corp (the “Company”) issued an unsecured promissory note (the “Sponsor Note”) to the Company’s sponsor, Blue Ocean Sponsor LLC (the “Sponsor”), which provides for borrowings from time to time of up to an aggregate of one million five hundred thousand U.S. Dollars ($1,500,000.00)

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Source: SEC EDGAR

accession 0001213900-23-058114

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