secwatch.observer — SEC 8-K summary
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Issuer:     OPAL Fuels Inc. (OPAL)
CIK:        0001842279
Form:       8-K
Filed at:   2023-06-02T23:59:59+00:00
Accession:  0001842279-23-000054
Event type: debt
Sentiment:  neutral
Materiality: 0.60
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

OPAL Fuels funds RNG projects via $85M delayed-draw term loan in 50/50 JV Paragon RNG
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- On May 30, 2023, OPAL contributed Sapphire and Emerald RNG interests to Paragon RNG LLC, a 50/50 JV with a third-party environmental solutions company; indirect ownership unchanged.
- Paragon RNG borrowed up to $85M (delayed-draw term loan) and $10M (DSR facility) under amended credit agreement maturing May 30, 2028; $18.5M drawn at closing for Emerald construction.
- Interest rate: Term SOFR +3.50% pre-conversion (June 30, 2024 or earlier) and +3.75% thereafter; quarterly amortization of 2.5% starts Sep 30, 2024.
- Loans are non-recourse to OPAL Fuels Inc.; secured by Paragon and project assets; requires minimum debt service coverage ratio of 1.2:1.0.
- Proceeds used for construction of Sapphire and Emerald renewable natural gas projects; previous credit agreement fully replaced.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1842279/000184227923000054/0001842279-23-000054-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1842279/000184227923000054/opal-20230530.htm
  HTML page:      https://secwatch.observer/filing/0001842279-23-000054

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