secwatch.observer — SEC 8-K summary
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Issuer:     PureCycle Technologies, Inc. (PCT)
CIK:        0001830033
Form:       8-K
Filed at:   2024-02-23T23:59:59+00:00
Accession:  0001830033-24-000014
Event type: debt
Sentiment:  positive
Materiality: 0.75
Item codes: 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

PureCycle reaches bond-buyback deal with majority holders; eliminates covenants, extends project completion to 2030
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- PureCycle: Ohio LLC to buy bonds at $1,050 per $1,000 principal from majority holders; closing by March 4, 2024.
- Third Supplemental Indenture eliminates substantially all covenants including DSCR, milestone requirements, and quarterly financial reporting.
- Outside Completion Date for the recycling facility extended from Dec 2022 to Dec 31, 2030.
- Purchase funded from trust estate, liquidity reserve escrow, and available cash; affiliates' bonds gain voting rights.
- Bond purchase price compensates for default interest from Jan-Dec 2023; holders waive default interest from Jan 2024.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1830033/000183003324000014/0001830033-24-000014-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1830033/000183003324000014/pct-20240223.htm
  HTML page:      https://secwatch.observer/filing/0001830033-24-000014

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