PHP Ventures Acquisition Corp.: debt financing — PHP Ventures Acquisition Corp. enters $1.5M promissory note with sponsor for working capital

PHP Ventures Acquisition Corp.

Up to $1,500,000 unsecured promissory note issued to Global Link Investment LLC, bearing no interest.
Note due upon closing of initial business combination or liquidation; may convert into units at $10.00 per unit.
Drawdowns available in multiples of $40,000; proceeds for costs related to business combination and working capital.
Lender waives any claim against the trust account; note is subordinated to trust account distributions.

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

PHP Ventures Acquisition Corp. incurred loan of up to an aggregate principal amount of $1,500,000 with Global Link Investment LLC at bears no interest maturing due and payable upon the earlier to occur of (a) the closing of an Initial Business Combination or (b) the liquidation of the Company.

Instrument: loan
Principal: up to an aggregate principal amount of $1,500,000
Counterparty: Global Link Investment LLC
Rate: bears no interest
Maturity: due and payable upon the earlier to occur of (a) the closing of an Initial Business Combination or (b) the liquidation of the Company
Event: incurrence

Exact text from the filing

On September 24, 2023, PHP Ventures Acquisition Corp. (the “Company”) issued an unsecured promissory note (the “Note”) pursuant to which the Company may borrow up to an aggregate principal amount of $1,500,000 to Global Link Investment LLC (the “Lender”).

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

PHP Ventures Acquisition Corp. entered into Note with Global Link Investment LLC valued at $1,500,000 (effective 2023-09-24).

Action: entry
Agreement: credit facility
Counterparty: Global Link Investment LLC
Value: $1,500,000
Effective: 2023-09-24

Exact text from the filing

On September 24, 2023, PHP Ventures Acquisition Corp. (the “Company”) issued an unsecured promissory note (the “Note”) pursuant to which the Company may borrow up to an aggregate principal amount of $1,500,000 to Global Link Investment LLC (the “Lender”).

View on SEC.gov

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Source: SEC EDGAR

accession 0001493152-23-033610

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