PureCycle Technologies (PCT) has released an update.
PureCycle Technologies, Inc’s subsidiary, PureCycle: Ohio LLC, has struck a deal to buy back a portion of its revenue bonds at a premium price, offering bondholders $1,050 for every $1,000 of principal amount. This agreement, which encompasses several series of bonds, also involves significant amendments to the original financial covenants, effectively removing many of the restrictions and reporting requirements previously placed on the company. These changes include the elimination of quarterly financial statements, certain debt service coverage ratios, and restrictions on affiliate transactions. The transaction is set to complete by March 4, 2024, using funds from various sources, including escrow accounts and PCO’s cash reserves.
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