secwatch.observer — SEC 8-K summary
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Issuer:     Proterra Inc (—)
CIK:        0001820630
Form:       8-K
Filed at:   2023-03-20T23:59:59+00:00
Accession:  0001628280-23-008535
Event type: debt
Sentiment:  neutral
Materiality: 0.75
Item codes: 1.01, 2.03, 7.01, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1820630/000162828023008535/0001628280-23-008535-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1820630/000162828023008535/ptra-20230319.htm
  HTML page:      https://secwatch.observer/filing/0001628280-23-008535

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer