ALTITUDE INTERNATIONAL HOLDINGS, INC.: M&A transaction — Altitude assigns Altitude Hospitality to settle $18.3M debt; enters $750K loan at 12%

ALTITUDE INTERNATIONAL HOLDINGS, INC.

Assigned 100% of Altitude Hospitality, LLC membership interests to FVP's designee to satisfy $18,255,476 of debt.
Entered new $750,000 loan agreement at 12% interest, maturing June 30, 2025; interest-only through Sep 2024.
CEO Gregory Breunich remains; manager of Altitude Hospitality resigned as part of settlement.
New loan proceeds used to fully pay and terminate September 2022 loan agreement and related documents.
Exclusivity agreement with Feenix Payment Systems amended and restated as part of transaction.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

ALTITUDE INTERNATIONAL HOLDINGS, INC. completed a disposition involving FVP Servicing, LLC (as administrative agent for certain lenders) for the existing debt owed by the Company to the Lenders under the September Loan Agreement was reduced by an amount of $18,255,476.11 (closed 2023-03-06).

Action: disposition
Counterparty: FVP Servicing, LLC (as administrative agent for certain lenders)
Consideration: the existing debt owed by the Company to the Lenders under the September Loan Agreement was reduced by an amount of $18,255,476.11
Closing: 2023-03-06

Exact text from the filing

of the membership interests of Altitude Hospitality, LLC, the existing debt owed by the Company to the Lenders under the September Loan Agreement was reduced by an amount of $18,255,476.11 (the “Partial Satisfaction Amount”). The Loan Parties also agreed to enter into a new loan agreement (the “New Loan Agreement”) in favor of the Lenders with a principal amount of

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

ALTITUDE INTERNATIONAL HOLDINGS, INC. entered into New Loan Agreement with FVP Servicing, LLC and the Lenders valued at Original principal amount of $750,000; interest rate 12% per annum; maturity date June 30, 2025 (effective 2023-03-06).

Action: entry
Agreement: credit facility
Counterparty: FVP Servicing, LLC and the Lenders
Value: Original principal amount of $750,000; interest rate 12% per annum; maturity date June 30, 2025
Effective: 2023-03-06

Exact text from the filing

New Loan Agreement On March 6, 2023, the Company and Trident Water, LLC, entered into a New Loan Agreement with FVP and the Lenders.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

ALTITUDE INTERNATIONAL HOLDINGS, INC. entered into Settlement Agreement with FVP Servicing, LLC and certain lenders valued at Existing debt reduced by $18,255,476.11; new loan of $750,000 (effective 2023-03-06).

Action: entry
Agreement: settlement
Counterparty: FVP Servicing, LLC and certain lenders
Value: Existing debt reduced by $18,255,476.11; new loan of $750,000
Effective: 2023-03-06

Exact text from the filing

Item 1.01 Entry into a Material Agreement Settlement Agreement On March 6, 2023, Altitude International Holdings, Inc. (the “Company”), Altitude Hospitality, LLC and Trident Water, LLC, together with the Company’s wholly owned subsidiaries (collectively referred to as the “Loan Parties”) entered into a Settlement Agreement (the “Settlement Agreement”) with FVP Servicing, LLC (“FVP”), the administrative agent for certain lenders, and certain lenders (the “Lenders”).

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Source: SEC EDGAR

accession 0001493152-23-007293

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