Bright Green Corp: debt financing — Bright Green secures $60M credit line at 14% fixed rate; settles Alterola share obligations

Bright Green Corp

Entered $60M credit line with JVR Holdings; fixed rate 14% or variable prime+10%; matures May 1, 2034.
Minimum draw $5M per request; up to 12 draws; processing fee $1.2M; application fee $75k or 350k shares.
Facility secured by $100M mortgage on principal office and general security agreement.
Settlement transfers 201,761,987 Alterola shares to United Science and three sellers, resolving ~$1.65M obligations and S&S debts.
No further monetary payments owed under Secondary SPA or S&S Agreements.

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

Bright Green Corp incurred revolving credit of up to a maximum amount of $60 million with JVR Holdings at fixed rate per annum equal to 14.0% maturing May 1, 2034.

Instrument: revolving credit
Principal: up to a maximum amount of $60 million
Counterparty: JVR Holdings
Rate: fixed rate per annum equal to 14.0%
Maturity: May 1, 2034
Event: incurrence

Exact text from the filing

On March 14, 2024, Bright Green Corporation, a Delaware corporation ("Company") entered into a credit agreement (the "Credit Agreement") with JVR Holdings (the "Lender"), pursuant to which the Lender agreed to provide the Company with a line of credit facility (the "Line of Credit") up to a maximum amount of $60 million, from which the Company may draw down a maximum of 12 times prior to the Maturity Date (as defined below) of the Line of Credit.

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

Bright Green Corp entered into Settlement Agreement with the Sellers, Alterola, and United (effective 2024-03-13).

Action: entry
Agreement: settlement
Counterparty: the Sellers, Alterola, and United
Effective: 2024-03-13

Exact text from the filing

On March 13, 2024, the Company entered into a settlement agreement and release (the “Settlement Agreement”) with the Sellers, Alterola, and United, pursuant to which, among other things, the Company agreed to transfer 118,535,168 Alterola Shares to United and transfer an aggregate of 83,226,820 Alterola Shares, in the proportion of 27,742,273 shares to each of Equipped, Phyto and TPR.

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

Bright Green Corp entered into Credit Agreement with JVR Holdings valued at $60 million (effective 2024-03-14).

Action: entry
Agreement: credit facility
Counterparty: JVR Holdings
Value: $60 million
Effective: 2024-03-14

Exact text from the filing

On March 14, 2024, Bright Green Corporation, a Delaware corporation (“Company”) entered into a credit agreement (the “Credit Agreement”) with JVR Holdings (the “Lender”), pursuant to which the Lender agreed to provide the Company with a line of credit facility (the “Line of Credit”) up to a maximum amount of $60 million

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Source: SEC EDGAR

accession 0001493152-24-010514

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