Enovix Corp (ENVX): debt financing — Enovix enters deposit agreement to collateralize $70M loan for Malaysia manufacturing

Enovix Corp

Enovix will deposit cash into a restricted OCBC account equal to OSSB drawdowns under a $70M loan for manufacturing.
No cash deposits expected in quarter ending Oct 1, 2023; future deposits disclosed in financial statements.
Deposit earns variable interest; Enovix can withdraw interest if sufficient collateral remains.
Enovix cannot withdraw deposit without OCBC consent while loan outstanding; additional margin may be required.
Enovix indemnifies OCBC against losses from unenforceability, breach, or recovery failure of the loan.

item 1.01 item 2.03

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

Enovix Corp incurred guarantee of up to $70 million with OCBC Bank (Malaysia) Berhad.

Instrument: guarantee
Principal: up to $70 million
Counterparty: OCBC Bank (Malaysia) Berhad
Event: incurrence

Exact text from the filing

for Enovix products. On July 13, 2023, OCBC and OSSB entered into a Letter Offer (the “Loan Agreement”), pursuant to which OCBC provided an offer of a loan to OSSB for up to $70 million (the “Loan”) to finance manufacturing operations under the Manufacturing Agreement. Enovix entered into the Deposit Agreement with OCBC on September 13, 2023 to collateralize the

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Source: SEC EDGAR

accession 0001828318-23-000189

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