P3 Health Partners Inc. (PIII): debt financing — P3 Health Partners secures up to $70M unsecured promissory note at 19.5% interest, issues warrants

P3 Health Partners Inc.

First tranche $15M drawn; second $15M due by June 22, 2025; third $40M mutually agreed by Dec 31, 2025.
Note matures Aug 13, 2028; interest 19.5% p.a. (11.5% PIK option); default rate adds 4%.
Warrants for 1,430,281 shares at $7.39/share exercisable after Nasdaq stockholder approval; terminate May 29, 2032.
Back-end fee ranges from 2.25% to 9% depending on repayment date; proceeds for working capital.
Approved by independent committee; VBC 5 is affiliate of principal stockholder (Chicago Pacific Founders).

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

P3 Health Partners Inc. incurred loan of up to $70.0 million with VBC Growth SPV 5, LLC at 19.5% per annum maturing August 13, 2028.

Instrument: loan
Principal: up to $70.0 million
Counterparty: VBC Growth SPV 5, LLC
Rate: 19.5% per annum
Maturity: August 13, 2028
Event: incurrence

Exact text from the filing

independent, disinterested directors of the Company. VBC 5 Promissory Note The Promissory Note was issued by P3 LLC to VBC 5 on May 29, 2025, and provides for funding of up to $70.0 million (the “Promissory Note”), available for draw by P3 LLC in tranches, as follows: (i) a first tranche of $15.0 million available to P3 LLC upon the Effective Date, (ii) a second

View on SEC.gov

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

P3 Health Partners Inc. filing history →

Source: SEC EDGAR

accession 0001628280-25-029146

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.