ISUN, INC.: debt financing — iSun secures $8M revenue loan, redeems $6M notes with stock and preferred

ISUN, INC.

Borrowed up to $8M from Decathlon Specialty Finance; monthly fixed payments $165K in 2024, $225K 2025–2027, maturity Dec 5, 2027.
Paid $6M cash, issued 3.5M common shares and 300K Series A convertible preferred shares to Anson Investors to redeem outstanding convertible notes.
Preferred shares: 7% cumulative in-kind dividend, convertible at 90% of lowest 10-day VWAP, 9.99% ownership cap, mandatory redemption July 1, 2029.
Anson agreed to a 3-month lock-up on the common shares issued.
iSun must file a resale registration statement by Feb 28, 2024 (or later if shareholder approval needed).

item 1.01 item 1.02 item 2.03 item 3.02 item 3.03 item 5.03 item 9.01

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

ISUN, INC. incurred loan of maximum amount of $8.0 million with Decathlon Specialty Finance, LLC at rate necessary to generate "Minimum Interest" as that term is defined in the Loa maturing December 5, 2027.

Instrument: loan
Principal: maximum amount of $8.0 million
Counterparty: Decathlon Specialty Finance, LLC
Rate: rate necessary to generate "Minimum Interest" as that term is defined in the Loa
Maturity: December 5, 2027
Event: incurrence

Exact text from the filing

On December 12, 2023, the Company and its Subsidiaries entered into a Revenue Loan and Security Agreement (the “Loan Agreement”) with Decathlon Specialty Finance, LLC providing for a loan facility for the Company in the maximum amount of $8.0 million.

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

ISUN, INC. terminated Senior Secured Convertible Promissory Notes with Anson Investments Master Fund LP and Anson East Master Fund LP valued at aggregate amount of $6,000,000 (effective 2023-12-12).

Action: termination
Agreement: notes offering
Counterparty: Anson Investments Master Fund LP and Anson East Master Fund LP
Value: aggregate amount of $6,000,000
Effective: 2023-12-12

Exact text from the filing

On December 12, 2023, iSun, Inc., a Delaware corporation (the “Company”), entered into a Letter Agreement (the “Letter Agreement”) by and between the Company and each of Anson Investments Master Fund LP and Anson East Master Fund LP (together, the “Investors”) pursuant to which the Company redeemed all amounts due under those certain Senior Secured Convertible Promissory Notes issued to the Investors, dated November 4, 2022 (the “Notes”).

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

ISUN, INC. entered into Loan Agreement with Decathlon Specialty Finance, LLC valued at maximum amount of $8.0 million (effective 2023-12-12).

Action: entry
Agreement: credit facility
Counterparty: Decathlon Specialty Finance, LLC
Value: maximum amount of $8.0 million
Effective: 2023-12-12

Exact text from the filing

On December 12, 2023, the Company and its Subsidiaries entered into a Revenue Loan and Security Agreement (the “Loan Agreement”) with Decathlon Specialty Finance, LLC providing for a loan facility for the Company in the maximum amount of $8.0 million.

View on SEC.gov

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Source: SEC EDGAR

accession 0001493152-23-044657

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