Local Bounti Corporation/DE (LOCL): debt financing — Local Bounti secures $10M convertible note, reduces credit facility debt by $10M

Local Bounti Corporation/DE

Issued $10M convertible note to existing investor U.S. Bounti LLC, 6% annual interest payable in kind, 5-year maturity.
Issued warrant to purchase 550,000 shares at $0.125 per share; conversion price on note is $2.50 per share.
Twelfth Amendment to Senior Credit Agreement cancels $10M of loans; remaining principal $302M.
Proceeds used for working capital, general corporate purposes, and capital expenditures.
Company will seek stockholder approval within three months due to NYSE rules on share issuance cap.

item 1.01 item 2.03 item 3.02 item 7.01 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

Local Bounti Corporation/DE incurred convertible notes of $10.0 million with U.S. Bounti, LLC at 6.0% per year maturing fourth anniversary of the Issuance Date.

Instrument: convertible notes
Principal: $10.0 million
Counterparty: U.S. Bounti, LLC
Rate: 6.0% per year
Maturity: fourth anniversary of the Issuance Date
Event: incurrence

Exact text from the filing

(the “Purchase Agreement”) with U.S. Bounti, LLC (the “Purchaser”), providing for the purchase, sale and issuance of (i) a convertible note with an initial principal balance of $10.0 million (the “Note”) and (ii) a common stock purchase warrant (the “Warrant”) pursuant to which the Purchaser has the right to purchase and acquire 550,000 shares of the Company’s common

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Local Bounti Corporation/DE amended credit facility of $302.0 million with Cargill Financial Services International, Inc..

Instrument: credit facility
Principal: $302.0 million
Counterparty: Cargill Financial Services International, Inc.
Event: amendment

Exact text from the filing

Following the Debt Reduction, the aggregate principal amount of loans outstanding under the Senior Credit Agreement is $302.0 million

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

Local Bounti Corporation/DE filing history →

Source: SEC EDGAR

accession 0001840780-25-000031

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