secwatch.observer — SEC 8-K summary
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Issuer:     OPAL Fuels Inc. (OPAL)
CIK:        0001842279
Form:       8-K
Filed at:   2023-09-05T23:59:59+00:00
Accession:  0001842279-23-000077
Event type: debt
Sentiment:  neutral
Materiality: 0.75
Item codes: 1.01, 2.03, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

OPAL Fuels closes $500M senior secured credit facility; revises FY2023 capex down to $175-195M
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- New $500M credit facility includes $450M term loans (initial + delayed draw) and $50M revolver; matures in 5 years.
- Proceeds used to refinance ~$87.6M existing debt, repay $15.7M preferred returns and $30.1M ARCC Beacon note, fund RNG construction.
- After closing, expects ~$300M available for development and construction capex.
- FY2023 capex guidance reduced from $220-240M to $175-195M due to construction delays and permit timing.
- Interest rate: Term SOFR + 3.5% initially, increasing 0.25% p.a.; covenants: DSCR ≥1.2x, leverage ≤4.5x (then 4.0x).

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1842279/000184227923000077/0001842279-23-000077-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1842279/000184227923000077/opal-20230901.htm
  HTML page:      https://secwatch.observer/filing/0001842279-23-000077

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