Borealis Foods Inc. (BRLS): debt financing — Borealis Foods receives default notice from lender; default interest rate triggered

Borealis Foods Inc.

Frontwell Capital Partners notified Borealis of Events of Default under $15M term loan and $10M revolver.
Defaults include failure to maintain $4.375M excess availability and late financial reports.
Lender elected to charge interest at Default Rate (2% + applicable rate) effective Nov 12, 2025.
Credit Agreement remains in effect; lender may decline further revolving loan advances.
Company is negotiating with lender and evaluating capital-raising and liquidity alternatives.

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

Borealis Foods Inc. reported a default on credit facility of USD $15,000,000 with Frontwell Capital Partners Inc. at Default Rate, as defined in the Credit Agreement to mean, for any obligation und.

Instrument: credit facility
Principal: USD $15,000,000
Counterparty: Frontwell Capital Partners Inc.
Rate: Default Rate, as defined in the Credit Agreement to mean, for any obligation und
Event: default

Exact text from the filing

Lender has (a) made certain term loans (the “Term Loans”) to certain of such subsidiaries of the Company (collectively, the “Borrowers”) in the aggregate principal amount of USD $15,000,000 and (b) agreed to make, from time to time, certain revolving loans (the “Revolving Loans”) to the Borrowers in the aggregate principal amount of up to USD $10,000,000, subject to

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Source: SEC EDGAR

accession 0001213900-25-122266

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