Nauticus Robotics, Inc. (KITT): debt financing — Nauticus Robotics secures up to $20M secured term loan from existing investors; $11.6M funded

Nauticus Robotics, Inc.

Term loan up to $20M, $11.6M funded immediately; 12.50% interest, convertible at $6.00/share.
Lenders include Transocean (RIG), ATW Partners, Material Impact, and RCB Equities.
Loan secured by first lien on all assets; existing debentures move to second lien.
Maturity: earlier of 3 years, 91 days before debenture maturity, or if $35M+ new debt received.
Company actively discussing larger capital round with new investors to support fleet expansion.

item 1.01 item 2.03 item 3.02 item 7.01 item 8.01 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 0.9

Nauticus Robotics, Inc. incurred term loan of up to an aggregate $20.0 million with ATW Special Situations II LLC at 12.50% per annum maturing the earliest of: (a) the third anniversary of the date of the Term Loan Agreement, (b) 91 days prior to the maturity of the 5% Original Issue Discount Senior Se.

Instrument: term loan
Principal: up to an aggregate $20.0 million
Counterparty: ATW Special Situations II LLC
Rate: 12.50% per annum
Maturity: the earliest of: (a) the third anniversary of the date of the Term Loan Agreement, (b) 91 days prior to the maturity of the 5% Original Issue Discount Senior Se
Event: incurrence

Exact text from the filing

Impact Fund II, L.P. (“MIF”) and RCB Equities #1, LLC (“RCB”), as lenders (collectively, the “Lenders”). The Term Loan Agreement provides the Company with up to an aggregate $20.0 million of secured term loans (the “Loans”), of which $11.6 million has already been funded and/or deemed issued under the Term Loan Agreement. Any portion of the outstanding principal

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

Nauticus Robotics, Inc. entered into Term Loan Agreement with ATW Special Situations II LLC, Transocean Finance Limited, ATW Special Situations I LLC, Material Impact Fund II, L.P. and RCB Equities #1, LLC valued at up to an aggregate $20.0 million (effective 2023-09-18).

Action: entry
Agreement: credit facility
Counterparty: ATW Special Situations II LLC, Transocean Finance Limited, ATW Special Situations I LLC, Material Impact Fund II, L.P. and RCB Equities #1, LLC
Value: up to an aggregate $20.0 million
Effective: 2023-09-18

Exact text from the filing

On September 18, 2023, Nauticus Robotics, Inc., a Delaware corporation (the “Company”), entered into a senior secured term loan agreement (the “Term Loan Agreement” with ATW Special Situations II LLC (“ATW II”), as collateral agent (in such capacity, the “Collateral Agent”) and lender, and Transocean Finance Limited (“Transocean Finance”), ATW Special Situations I LLC (“ATW I”), Material Impact Fund II, L.P. (“MIF”) and RCB Equities #1, LLC (“RCB”), as lenders (collectively, the “Lenders”).

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Nauticus Robotics, Inc. filing history →

Source: SEC EDGAR

accession 0001213900-23-078141

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