REED'S, INC. (REED): debt financing — Reed's extends note default waivers to April 30, pays $100K interest, amends terms

REED'S, INC.

Waiver of existing defaults and monthly amortization payments extended to April 30, 2024 under 10% Secured Convertible Notes.
Reed's paid $100,000 partial interest payment; failure to pay would terminate waivers and reinstate defaults.
Amended terms fix Option Note maturity at March 31, 2025 and adjust Permitted Indebtedness limits for ABL facility.
Condition requires completion of equity offering converting ~$4.1M SAFE investments into equity before April 30, 2024.
Ongoing defaults include missed amortization payments from Dec 2023 through Apr 2024 and excess ABL fees totaling over $3.5M.

item 1.01 item 2.03 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

REED'S, INC. amended senior notes with Wilmington Savings Fund Society, FSB at 10% maturing March 31, 2023.

Instrument: senior notes
Counterparty: Wilmington Savings Fund Society, FSB
Rate: 10%
Maturity: March 31, 2023
Event: amendment

Exact text from the filing

On April 1, 2024, Reed’s, a Delaware corporation (“Reed’s” or the “company”), each holder of its 10% Secured Convertible Notes (the “Notes”) and Wilmington Savings Fund Society, FSB, holder representative and collateral agent, entered into an Amendment (“Amendment”) to Limited Waiver, Deferral, and Amendment and Restatement Agreement dated February 12, 2024

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

REED'S, INC. amended Amendment with Wilmington Savings Fund Society, FSB (effective 2024-04-01).

Action: amendment
Agreement: credit facility
Counterparty: Wilmington Savings Fund Society, FSB
Effective: 2024-04-01

Exact text from the filing

On April 1, 2024, Reed’s, a Delaware corporation (“Reed’s” or the “company”), each holder of its 10% Secured Convertible Notes (the “Notes”) and Wilmington Savings Fund Society, FSB, holder representative and collateral agent, entered into an Amendment (“Amendment”) to Limited Waiver, Deferral, and Amendment and Restatement Agreement dated February 12, 2024 ("Waiver Agreement," as amended, by the Amendment the “Amended Waiver”).

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299 debt financings filed in the last 30 days. Browse all debt financings →

REED'S, INC. filing history →

Source: SEC EDGAR

accession 0001493152-24-012856

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