Brief: Local Bounti Amends Credit Agreement To Provide Additional Flexibility

Local Bounti

17/03/2023 13:22

March 17 (Reuters) - Local Bounti Corp  LOCL.N :
    * LOCAL BOUNTI AMENDS CREDIT AGREEMENT TO PROVIDE ADDITIONAL
FLEXIBILITY AND PROVIDES SELECT PRELIMINARY AND UNAUDITED FISCAL
2022 PERFORMANCE
    * LOCAL BOUNTI CORP - PRELIMINARY AND UNAUDITED FISCAL 2022
SALES
OF $19.5 MILLION, ADJUSTED GROSS MARGIN OF 38%
    * LOCAL BOUNTI CORP - PRELIMINARY AND UNAUDITED FISCAL 2022
NET
LOSS OF $111.1 MILLION, AND ADJUSTED EBITDA LOSS OF $29.8
MILLION
    * LOCAL BOUNTI CORP - AMENDED ITS EXISTING CREDIT FACILITY
WITH
CARGILL FINANCIAL SERVICES, INC
    * LOCAL BOUNTI - ON MARCH 13, ENTERED INTO FIFTH AMENDMENT
TO
CREDIT AGREEMENTS WITH CARGILL TO FURTHER AMEND  EXISTING CREDIT
FACILITY AGREEMENTS
    * LOCAL BOUNTI CORP - FIFTH AMENDMENT REDUCES MINIMUM
LIQUIDITY
COVENANT IN EACH OF CREDIT AGREEMENTS FROM $11.0 MILLION TO $1.0
MILLION
    * LOCAL BOUNTI-AGGREGATE AMOUNT OF OUTSTANDING LOANS AND
UNDRAWN
COMMITMENTS UNDER CREDIT AGREEMENTS REMAINS AT $170.0 MILLION
(PLUS INTEREST PAID IN KIND)

Source text for Eikon:  ID:nPn5PJ5Jka 
Further company coverage:  LOCL.N 

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