ECD Automotive Design, Inc.: debt financing — EF Hutton Acquisition Corp I secures $15.8M convertible note for ECD Auto Design merger

ECD Automotive Design, Inc.

Issued senior secured convertible note for $15.8M principal; net proceeds ~$13.7M.
Conversion price initially $10/share, subject to adjustment with floor of $6 on registration effective date.
Interest rate Prime+5% (cash) or Prime+8% (stock premium); convertible at 115% of principal plus accrued interest.
Note secured by all company assets; includes 4.99% beneficial ownership blocker and 20% redemption premium.
Proceeds intended to fund business combination with ECD Auto Design (restored luxury Land Rovers).

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

ECD Automotive Design, Inc. incurred senior notes of $15,819,209 with an institutional investor at Prime Interest rate plus 5% per annum.

Instrument: senior notes
Principal: $15,819,209
Counterparty: an institutional investor
Rate: Prime Interest rate plus 5% per annum
Event: incurrence

Exact text from the filing

the Company entered into a securities purchase agreement (the “SPA”) with an institutional investor (the “Lender”) pursuant to which the Company agreed to execute and deliver to the Lender a senior secured convertible note (the “Note”), a copy of which is an exhibit to the SPA, in exchange for a loan in the principal amount of $15,819,209.

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Source: SEC EDGAR

accession 0001493152-23-036810

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