Onyx Acquisition Co. I: debt financing — Onyx Acquisition Co. I increases sponsor promissory note to $1.47M

Onyx Acquisition Co. I

Amended and restated promissory note with sponsor for up to $1,470,000, replacing $720,000 prior note.
Note bears no interest, matures at business combination, and is payable only from funds outside trust account.
Sponsor waives any claim against trust account; note is subordinated to trust assets.
Proceeds intended to fund working capital for the SPAC's business combination search.

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

Onyx Acquisition Co. I incurred loan of up to $1,470,000 with Onyx Acquisition Sponsor Co. LLC at does not bear interest maturing the date of consummation the Business Combination.

Instrument: loan
Principal: up to $1,470,000
Counterparty: Onyx Acquisition Sponsor Co. LLC
Rate: does not bear interest
Maturity: the date of consummation the Business Combination
Event: incurrence

Exact text from the filing

On November 3, 2023, Onyx Acquisition Co. I (the “ Company ”) issued an amended and restated promissory note (the “ Restated Note ”) in an aggregate principal amount of up to $1,470,000 to Onyx Acquisition Sponsor Co. LLC (the “ Sponsor ”).

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Source: SEC EDGAR

accession 0001213900-23-084522

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