secwatch.observer — SEC 8-K summary
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Issuer:     Local Bounti Corporation/DE (LOCL)
CIK:        0001840780
Form:       8-K
Filed at:   2023-10-06T23:59:59+00:00
Accession:  0001840780-23-000036
Event type: debt
Sentiment:  negative
Materiality: 0.65
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1840780/000184078023000036/0001840780-23-000036-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1840780/000184078023000036/locl-20231002.htm
  HTML page:      https://secwatch.observer/filing/0001840780-23-000036

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