---
schema_version: "secwatch.filing_event.v1"
accession: "0001628280-23-008535"
form_type: "8-K"
ticker: null
cik: "0001820630"
company_name: "Proterra Inc"
filed_at: "2023-03-20T23:59:59+00:00"
generated_at: "2026-06-17T23:07:48.290621+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Proterra agrees to amend $150M Cowen notes: extends maturity to 2028, 12% coupon, lower conversion prices

## Summary
- Binding letter of intent with Cowen parties to amend $150M convertible notes; maturity extended to Aug 2028.
- Interest rate increased to 12% (5% cash, 7% PIK); PIK default rate 9%.
- Minimum liquidity covenant waived through May 2024; $125M minimum liquidity required.
- Waived going concern qualification requirement for FY2022 and FY2023 audit opinions.
- Conversion prices set at $4, $5, $6 per share; mandatory conversion triggers at VWAP of $15 or $12.

## SEC filing metadata
- accession: 0001628280-23-008535
- form_type: 8-K
- cik: 0001820630
- company_name: Proterra Inc
- filed_at: 2023-03-20T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 2.03, 7.01, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1820630/000162828023008535/0001628280-23-008535-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1820630/000162828023008535/ptra-20230319.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001628280-23-008535
- JSON: https://secwatch.observer/filing/0001628280-23-008535.json
- Plain text: https://secwatch.observer/filing/0001628280-23-008535.txt

## Key facts
- Debt Financings
  Proterra Inc incurred convertible notes of $200 million with CSI I Prodigy Holdco LP, CSI Prodigy Co-Investment LP, CSI GP I LLC, CSI PRTA Co-Investment LP at 12.0% per annum, consisting of 5.0% in cash and 7.0% payment-in-kind maturing August 4, 2028.
  - Instrument: convertible notes
  - Principal: $200 million
  - Counterparty: CSI I Prodigy Holdco LP, CSI Prodigy Co-Investment LP, CSI GP I LLC, CSI PRTA Co-Investment LP
  - Rate: 12.0% per annum, consisting of 5.0% in cash and 7.0% payment-in-kind
  - Maturity: August 4, 2028
  - Event: incurrence
  source text: party thereto and CSI GP I LLC, as collateral agent (the “Collateral Agent”) pursuant to which secured convertible promissory notes in the initial aggregate principal amount of $200 million were issued (the “Existing Notes”), as well as the amendment of certain provisions to the Existing Notes held by the Cowen Parties in the aggregate principal amount of $150
  evidence_url: https://www.sec.gov/Archives/edgar/data/1820630/000162828023008535/0001628280-23-008535-index.htm
- Material Agreements
  Proterra Inc amended Binding Letter of Intent with CSI I Prodigy Holdco LP, CSI Prodigy Co-Investment LP, CSI GP I LLC, CSI PRTA Co-Investment LP (collectively, the "Cowen Parties") valued at $150 million (effective 2023-03-19).
  - Action: amendment
  - Agreement: credit facility
  - Counterparty: CSI I Prodigy Holdco LP, CSI Prodigy Co-Investment LP, CSI GP I LLC, CSI PRTA Co-Investment LP (collectively, the "Cowen Parties")
  - Value: $150 million
  - Effective: 2023-03-19
  source text: On March 19, 2023, Proterra Operating Company, Inc. (“Proterra OpCo”), a wholly owned subsidiary of Proterra Inc (the “Company” or “Proterra”) entered into a binding letter of intent (the “Binding Letter of Intent”) with CSI I Prodigy Holdco LP, CSI Prodigy Co-Investment LP, CSI GP I LLC and CSI PRTA Co-Investment LP (collectively, the “Cowen Parties”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1820630/000162828023008535/0001628280-23-008535-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.