Li-Cycle Holdings (LICY) has provided an update.
Li-Cycle Holdings Corp. has entered into a $75 million financing agreement with Glencore through a senior secured convertible note, set to mature in five years with interest payable semi-annually. This strategic financial move, exempt from typical registration requirements, allows Glencore to convert the debt into shares at $0.53 each and could lead to Glencore owning a significant portion of Li-Cycle’s common shares. The deal includes various covenants, redemption rights, and potential changes in company control, depending on future events and Glencore’s decisions regarding interest payments and note conversions.
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