8-K
filed May 9, 2023, 7:59 PM ET
ticker PCT
CIK 0001830033
other material
confidence high
sentiment neutral
materiality 0.75
PureCycle Technologies, Inc. (PCT): debt financing — PureCycle's Ironton facility mechanically complete; secures $62M in new debt financing
PureCycle Technologies, Inc.
- Ironton facility mechanically complete, PSM certification done, solvent on site; expects first pellet production from virgin resin in weeks.
- Secured $62M new debt: $40M term loan from Sylebra affiliate (SOFR+7.5%, matures Dec 2025) and $22M equipment financing (7% rate, 36 months).
- Submitted plan of finance to AEDA for Augusta project; targeting bond close by June 30, 2023.
- Q1 2023 total liquidity $263.9M ($38.4M cash, $225.5M restricted cash); PureCycle LLC subsidiary net loss $6.7M.
- Remaining 2023 Ironton investment estimated $26-51M; total project cost up to $361M.
Key facts
Extracted from this filing and checked against the source text.
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 1.0
PureCycle Technologies, Inc. incurred term loan of $40 million with Pure Plastic LLC at Term SOFR plus 7.5% maturing December 31, 2025.
- Instrument
- term loan
- Principal
- $40 million
- Counterparty
- Pure Plastic LLC
- Rate
- Term SOFR plus 7.5%
- Maturity
- December 31, 2025
- Event
- incurrence
Exact text from the filing
On May 8, 2023, PureCycle Technologies, Inc. (the “Company) entered into a $40 million term loan facility (the “Term Loan Facility”) pursuant to a Credit Agreement (the “Term Loan Credit Agreement”) dated as of May 8, 2023
View on SEC.gov
Earnings Releases
SEC 8-K Item 2.02
confidence 0.9
PureCycle Technologies, Inc. reported financial results for first quarter ended March 31, 2023.
- Period
- first quarter ended March 31, 2023
- Result
- reported results
Exact text from the filing
On May 9, 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 first quarter ended March 31, 2023, and certain other information.
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.99
PureCycle Technologies, Inc. entered into Credit Agreement with Pure Plastic LLC valued at $40 million (effective 2023-05-08).
- Action
- entry
- Agreement
- credit facility
- Counterparty
- Pure Plastic LLC
- Value
- $40 million
- Effective
- 2023-05-08
Exact text from the filing
On May 8, 2023, PureCycle Technologies, Inc. (the “Company) entered into a $40 million term loan facility (the “Term Loan Facility”) pursuant to a Credit Agreement (the “Term Loan Credit Agreement”) dated as of May 8, 2023, among the Company, as the borrower, PureCycle Technologies Holdings Corp., PureCycle Technologies, LLC and the subsidiaries of the Company as are or may from time to time become parties to the Term Loan Facility as guarantors (the “Guarantors”) and Pure Plastic LLC (as a “Lender,” “Administrative Agent,” and “Security Agent”), which matures on December 31, 2025.
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.99
PureCycle Technologies, Inc. amended Sylebra Amendment with Madison Pacific Trust Limited (effective 2023-05-08).
- Action
- amendment
- Agreement
- credit facility
- Counterparty
- Madison Pacific Trust Limited
- Effective
- 2023-05-08
Exact text from the filing
On May 8, 2023, the Company entered into the First Amendment to Credit Agreement, by and among the Company, as borrower, PureCycle Technologies, LLC and PureCycle Technologies Holdings Corp., as Guarantors, the lenders party thereto, and Madison Pacific Trust Limited, as administrative agent and as security agent (the “Sylebra Amendment”) in connection with the Company’s $150 million revolving credit facility governed by the Credit Agreement (the “Revolving Credit Agreement”).
View on SEC.gov
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.