Neptune Wellness Solutions Inc.: debt financing — Neptune subsidiary Sprout receives default notice on $13M note; appoints acting general counsel
Neptune Wellness Solutions Inc.
Sprout Foods, a Neptune subsidiary, received Notice of Default from NH Expansion Credit Fund Holdings LP on $13.0M principal plus $3.9M accrued interest.
Default triggered by cross-default on other debt >$250K, insolvency, and material adverse change in Sprout's business.
Additional interest accrues at default rate; ~$94K through March 31, 2024.
Christopher Piazza appointed Acting General Counsel; previously Deputy General Counsel since 2019.
Neptune Wellness Solutions Inc. reported a default on loan of $13.0 million with NH Expansion Credit Fund Holdings LP at default rate.
Instrument
loan
Principal
$13.0 million
Counterparty
NH Expansion Credit Fund Holdings LP
Rate
default rate
Event
default
Exact text from the filing
(financial or otherwise) of Sprout or a material impairment of the prospect of repayment of any portion of the Note. As of the date of the Notice, Sprout had outstanding $13.0 million of principal under the Note, along with $3.9 million of interest through March 21, 2024 and additional interest accruing at the default rate following the date of the notice,
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