Aemetis Biogas waives preferred unit default; redemption deadline extended to May 31, 2023 with higher price of $125M

AEMETIS, INC

Missed Dec 31, 2022 redemption of $116M Series A Preferred Units; waiver and amendment executed Feb 6, 2023.
New redemption price $125M due by 2pm EST May 31, 2023; previously $116M.
Failure to pay triggers automatic 24% interest credit agreement with Third Eye Capital/Protair-X Americas, maturity May 31, 2024.
Fallback credit agreement includes quarterly mandatory prepayment from Free Cash Flow.
Aemetis Inc. and affiliates guarantee obligations under the credit agreement.

Key facts

Extracted from this filing and checked against the source text.

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

AEMETIS, INC amended Second Waiver and Amendment to Series A Preferred Unit Purchase Agreement with Third Eye Capital Corporation, as agent for Protair-X Americas valued at $125.0 million (effective 2023-02-06).

Action: amendment
Agreement: equity purchase
Counterparty: Third Eye Capital Corporation, as agent for Protair-X Americas
Value: $125.0 million
Effective: 2023-02-06

Exact text from the filing

On February 6, 2023, Aemetis Biogas LLC, a Delaware limited liability company (“ ABGL ”) and Protair-X Americas, a Delaware corporation (the “ Purchaser ”) entered into a Second Waiver and Amendment to Series A Preferred Unit Purchase Agreement (the “ Amendment ”) with Third Eye Capital Corporation, an Ontario corporation, as agent for the Purchaser (“ Agent ” and together with ABGL and Purchaser, the “ Parties ”), amending that certain Series A Preferred Unit Purchase Agreement, dated December 20, 2018, by and among the Parties.

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AEMETIS, INC filing history →

Source: SEC EDGAR

accession 0001437749-23-002937

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