PureCycle Technologies, Inc. (PCT): debt financing — PureCycle issues $250M of 7.25% Green Convertible Notes due 2030, net proceeds $219.25M

PureCycle Technologies, Inc.

$250M aggregate principal of 7.25% Green Convertible Senior Notes due 2030, issued at 90% of par ($900 per $1,000).
Net proceeds of approx. $219.25M after discounts and fees; allocated to Augusta, GA multi-line purification facility and green projects.
Conversion price ~$14.82/share, a ~50% premium over $9.88 closing price; holders may convert at any time before maturity.
Entities affiliated with Sylebra Capital purchased $50M of the Notes.
No redemption before Aug 20, 2025; thereafter redeemable if stock exceeds 130% of conversion price for 20 of 30 trading days.

item 1.01 item 2.03 item 3.02 item 9.01

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 convertible notes of $250.0 million at 7.25% per annum maturing August 15, 2030.

Instrument: convertible notes
Principal: $250.0 million
Rate: 7.25% per annum
Maturity: August 15, 2030
Event: incurrence

Exact text from the filing

amount of the 7.25% Green Convertible Senior Notes due 2030 (together with the “Initial Notes”, the “Notes”), bringing the total aggregate principal amount of the Notes to $250.0 million. On August 24, 2023, the Company completed the private offering of the Notes. Each $1,000 principal amount at maturity of the Notes was issued at a price of $900. An amount equal

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

PureCycle Technologies, Inc. entered into Indenture with U.S. Bank Trust Company, National Association valued at $250.0 million (effective 2023-08-24).

Action: entry
Agreement: notes offering
Counterparty: U.S. Bank Trust Company, National Association
Value: $250.0 million
Effective: 2023-08-24

Exact text from the filing

In connection with the issuance of the Notes, the Company entered into an Indenture, dated August 24, 2023 (the “Indenture”), with U.S. Bank Trust Company, National Association, as trustee.

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PureCycle Technologies, Inc. filing history →

Source: SEC EDGAR

accession 0001830033-23-000067

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