2023-03-17 09:09:18 ET
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Local Bounti ( NYSE: LOCL ) said Friday it amended its existing credit facility with Cargill Financial Services.
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On March 13, 2023, the company entered into a fifth amendment to credit agreements.
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The amendment reduces the amount of cash required to be held in the debt service reserve account by about $11.0 million until April 2, 2024.
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The amendment also reduces the minimum liquidity covenant in each of the credit agreements from $11.0 million to $1.0 million.
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The aggregate amount of outstanding loans and undrawn commitments under the credit agreements remains at $170.0 million.
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The company said it expects FY2022 preliminary sales of $19.5 million, adjusted gross margin of 38%, net loss of $111.1 million, and adjusted EBITDA loss of $29.8 million.
For further details see:
Local Bounti amends credit agreement, provides preliminary 2022 metrics