Local Bounti Corporation/DE (LOCL): debt financing — Local Bounti amends credit to allow Q1 2024 PIK interest, cuts warrant price to $6.50

Local Bounti Corporation/DE

Eighth Amendment permits payment-in-kind of quarterly interest for quarter ending March 31, 2024.
Warrant exercise price reduced from $13.00 to $6.50 per share; still covers 5,353,846 shares.
PIK interest added to principal balance; no cash interest payment due for Q1 2024.
Amendments with Cargill Financial underscore ongoing cash-preservation measures.

item 1.01 item 2.03 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 0.7

Local Bounti Corporation/DE amended credit facility with Cargill Financial Services International, Inc..

Instrument: credit facility
Counterparty: Cargill Financial Services International, Inc.
Event: amendment

Exact text from the filing

The information provided in Item 1.01 under “Eighth Amendment to Credit Agreements” of this Current Report on Form 8-K is incorporated herein by reference.

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

Local Bounti Corporation/DE amended Eighth Amendment to Credit Agreements with Cargill Financial Services International, Inc. (effective 2024-01-23).

Action: amendment
Agreement: credit facility
Counterparty: Cargill Financial Services International, Inc.
Effective: 2024-01-23

Exact text from the filing

On January 23, 2024, the Company, along with certain subsidiaries of the Company, entered into an Eighth Amendment to Credit Agreements (the “Eighth Amendment”) with Cargill Financial to further amend the Credit Agreements.

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

Local Bounti Corporation/DE amended Amendment to Common Stock Purchase Warrant with Cargill Financial Services International, Inc. (effective 2024-01-23).

Action: amendment
Agreement: equity purchase
Counterparty: Cargill Financial Services International, Inc.
Effective: 2024-01-23

Exact text from the filing

On January 23, 2024, the Company entered into an Amendment to Common Stock Purchase Warrant (the “Warrant Amendment”) with Cargill Financial to amend that certain Common Stock Purchase Warrant, dated March 28, 2023

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283 debt financings filed in the last 30 days. Browse all debt financings →

Local Bounti Corporation/DE filing history →

Source: SEC EDGAR

accession 0001840780-24-000002

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