8-K
filed March 15, 2023, 7:59 PM ET
ticker PCT
CIK 0001830033
debt
confidence high
sentiment neutral
materiality 0.75
PureCycle Technologies, Inc. (PCT): debt financing — PureCycle secures $150M credit facility, waives bond default; Ironton near mechanical completion
PureCycle Technologies, Inc.
- Limited waiver extends Ironton milestones; requires $87.3M additional equity deposit and $150M financing.
- Secured $150M revolving credit facility from Sylebra (5%+ owners) with interest rates escalating to 17.5% by 2024.
- Ironton nearly mechanically complete; expected in April 2023 with commercial production ramp-up by end of April.
- Q4 2022 liquidity: $326.1M total ($162.5M cash, $163.6M restricted cash); debt $249.6M.
- Selected first European PP recycling site at Port of Antwerp-Bruges; Augusta project continues with $185.7M committed.
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
PureCycle Technologies, Inc. incurred revolving credit of $150 million with Sylebra Capital Partners Master Fund, LTD, Sylebra Capital Parc Master Fund, and Sylebra Capital Menlo Master Fund at SOFR plus 3.00% per annum maturing June 30, 2024.
- Instrument
- revolving credit
- Principal
- $150 million
- Counterparty
- Sylebra Capital Partners Master Fund, LTD, Sylebra Capital Parc Master Fund, and Sylebra Capital Menlo Master Fund
- Rate
- SOFR plus 3.00% per annum
- Maturity
- June 30, 2024
- Event
- incurrence
Exact text from the filing
On March 15, 2023, the Company entered into a $150 million revolving credit facility (the “Revolving Credit Facility”) pursuant to a Credit Agreement (the “Revolving Credit Agreement”) dated as of March 15, 2023, with PureCycle Technologies Holdings Corp. and PureCycle Technologies, LLC (the “Guarantors”), Sylebra Capital Partners Master Fund, LTD, Sylebra Capital Parc Master Fund, and Sylebra Capital Menlo Master Fund (collectively, the “Lenders”), and Madison Pacific Trust Limited (the “Administrative Agent”), which matures on June 30, 2024.
View on SEC.gov
Earnings Releases
SEC 8-K Item 2.02
confidence 0.9
PureCycle Technologies, Inc. reported financial results for the fourth quarter and fiscal year ended December 31, 2022.
- Period
- the fourth quarter and fiscal year ended December 31, 2022
- Result
- reported results
Exact text from the filing
On March 15, 2023, the Company issued a press release, attached hereto as Exhibit 99.1 and incorporated herein by reference, announcing the Company’s financial results for the fourth quarter and fiscal year ended December 31, 2022
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.95
PureCycle Technologies, Inc. entered into Revolving Credit Agreement with Sylebra Capital Partners Master Fund, LTD, Sylebra Capital Parc Master Fund, Sylebra Capital Menlo Master Fund valued at $150,000,000 revolving credit facility (effective 2023-03-15).
- Action
- entry
- Agreement
- credit facility
- Counterparty
- Sylebra Capital Partners Master Fund, LTD, Sylebra Capital Parc Master Fund, Sylebra Capital Menlo Master Fund
- Value
- $150,000,000 revolving credit facility
- Effective
- 2023-03-15
Exact text from the filing
On March 15, 2023, the Company entered into a $150 million revolving credit facility (the “Revolving Credit Facility”) pursuant to a Credit Agreement (the “Revolving Credit Agreement”) dated as of March 15, 2023, with PureCycle Technologies Holdings Corp. and PureCycle Technologies, LLC (the “Guarantors”), Sylebra Capital Partners Master Fund, LTD, Sylebra Capital Parc Master Fund, and Sylebra Capital Menlo Master Fund (collectively, the “Lenders”), and Madison Pacific Trust Limited (the “Administrative Agent”), which matures on June 30, 2024.
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.95
PureCycle Technologies, Inc. amended Limited Waiver and First Supplemental Indenture with Southern Ohio Port Authority, UMB Bank, N.A., PureCycle Ohio LLC, PCTO Holdco LLC valued at Waiver of Specified Event of Default and amendment of Indenture and Loan Agreement; PCO to deposit ~ (effective 2023-03-15).
- Action
- amendment
- Agreement
- notes offering
- Counterparty
- Southern Ohio Port Authority, UMB Bank, N.A., PureCycle Ohio LLC, PCTO Holdco LLC
- Value
- Waiver of Specified Event of Default and amendment of Indenture and Loan Agreement; PCO to deposit ~
- Effective
- 2023-03-15
Exact text from the filing
On March 15, 2023, SOPA, the Trustee, the Company, PCTO Holdco LLC (the pledgor under an Equity Pledge and Security Agreement (as defined in the Indenture), pursuant to which the pledgor pledged certain interests to secure obligations of PCO under various Financing Documents (as defined in the Indenture) relating to the Revenue Bonds) and PCO (collectively, the “Company Parties”) entered into a Limited Waiver and First Supplemental Indenture (the “Limited Waiver”), supplementing the Indenture and amending the Loan Agreement and the amended and restated Guaranty (as defined in the Indenture), and pursuant to which the majority holders of the Series 2020A Bonds consented to the Limited Waiver, based on stated conditions, of a Specified Event of Default (as defined below) under the Indenture and the Loan Agreement.
View on SEC.gov
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