AppHarvest, Inc.: debt financing — AppHarvest receives $66.7M debt acceleration demand; lender files foreclosure on Richmond farm

AppHarvest, Inc.

CEFF demanded immediate repayment of $66.7M (principal + accrued interest) under Equilibrium Credit Agreement; default rate rises to 13.0%.
Lender filed foreclosure complaint in Kentucky Madison County Circuit on Richmond farm and pledged ownership interests.
Cross-default with Rabo AgriFinance (Rabo Credit Agreement, $69.4M outstanding) could trigger acceleration and foreclosure on Morehead, KY farm.
Company states unresolved defaults would have material adverse effect on liquidity and could cause bankruptcy or insolvency.
AppHarvest is working with Equilibrium on a resolution but cannot guarantee timely or favorable terms.

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

AppHarvest, Inc. faced acceleration on credit facility of $66.7 million with CEFF II AppHarvest Holdings, LLC at default rate of 13.0%.

Instrument: credit facility
Principal: $66.7 million
Counterparty: CEFF II AppHarvest Holdings, LLC
Rate: default rate of 13.0%
Event: acceleration

Exact text from the filing

from CEFF based on the events of default previously asserted in the Notice of Default. Pursuant to the Notice of Acceleration, CEFF demanded immediate repayment of $66.7 million, consisting of principal and accrued interest, as well as repayment of any additional fees, costs, charges and other obligations as may be payable or become payable under the

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Source: SEC EDGAR

accession 0001807707-23-000057

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