secwatch.observer — SEC 8-K summary
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Issuer:     Loyalty Ventures Inc. (—)
CIK:        0001870997
Form:       8-K
Filed at:   2023-03-10T23:59:59+00:00
Accession:  0001870997-23-000010
Event type: other_material
Sentiment:  negative
Materiality: 1.00
Item codes: 1.01, 1.03, 2.04, 3.01, 5.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Loyalty Ventures files Chapter 11, stalking horse sale of AIR MILES for $160M
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- Filed Chapter 11 in U.S. Bankruptcy Court; LoyaltyOne seeks CCAA protection in Canada.
- Stalking horse deal with Bank of Montreal: $160M cash + assumed liabilities for AIR MILES; $3M break-up fee.
- $70M DIP facility from BMO to fund LoyaltyOne during CCAA proceedings; interest at Base Rate +6%.
- Credit Agreement debt accelerated: $32M revolver, $161.9M Term A, $462.5M Term B; payments stayed.
- Company expects delisting from Nasdaq; NOL motion filed to protect tax attributes.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1870997/000187099723000010/0001870997-23-000010-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1870997/000187099723000010/lylt-20230309x8k.htm
  HTML page:      https://secwatch.observer/filing/0001870997-23-000010

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