---
schema_version: "secwatch.filing_event.v1"
accession: "0001840780-23-000036"
form_type: "8-K"
ticker: "LOCL"
cik: "0001840780"
company_name: "Local Bounti Corporation/DE"
filed_at: "2023-10-06T23:59:59+00:00"
generated_at: "2026-06-10T03:36:29.306991+00:00"
event_type: "debt"
sentiment: "negative"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# Local Bounti amends credit agreements to allow PIK interest for Q3 and Q4 2023

## Summary
- Seventh Amendment with Cargill Financial allows PIK interest for quarters ending Sep 30, 2023 and Dec 31, 2023.
- PIK interest is added to principal balance and will bear interest itself.
- Combined PIK interest for Senior and Subordinated loans for Q2 2023 capped at $7M.
- Company reaffirms no Default or Event of Default exists; representations remain true.
- Guarantors reaffirm obligations under guarantees and security agreements.

## SEC filing metadata
- accession: 0001840780-23-000036
- form_type: 8-K
- ticker: LOCL
- cik: 0001840780
- company_name: Local Bounti Corporation/DE
- filed_at: 2023-10-06T23:59:59+00:00
- event_type: debt
- sentiment: negative
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 1.01, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1840780/000184078023000036/0001840780-23-000036-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1840780/000184078023000036/locl-20231002.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001840780-23-000036
- JSON: https://secwatch.observer/filing/0001840780-23-000036.json
- Plain text: https://secwatch.observer/filing/0001840780-23-000036.txt

## Key facts
- Debt Financings
  Local Bounti Corporation/DE amended credit facility with Cargill Financial Services International, Inc..
  - Instrument: credit facility
  - Counterparty: Cargill Financial Services International, Inc.
  - Event: amendment
  source text: Seventh Amendment to Credit Agreements As previously disclosed, in September 2021, Local Bounti Corporation (the “Company”), along with certain subsidiaries of the Company, and Cargill Financial Services International, Inc. (“Cargill Financial”) entered into (a) a credit agreement (the “Original Senior Credit Agreement”) and (b) a subordinated credit agreement (the “Original Subordinated Credit Agreement” and, together with the Original Senior Credit Agreement, the “Original Credit Agreements”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1840780/000184078023000036/0001840780-23-000036-index.htm
- Material Agreements
  Local Bounti Corporation/DE amended Seventh Amendment to Credit Agreements with Cargill Financial Services International, Inc. (effective 2023-10-02).
  - Action: amendment
  - Agreement: credit facility
  - Counterparty: Cargill Financial Services International, Inc.
  - Effective: 2023-10-02
  source text: On October 2, 2023, the Company, along with certain subsidiaries of the Company, entered into a Seventh Amendment to Credit Agreements (the “Seventh Amendment”) with Cargill Financial to further amend the Credit Agreements.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1840780/000184078023000036/0001840780-23-000036-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.