{"id":131566,"date":"2024-02-05T13:30:00","date_gmt":"2024-02-05T13:30:00","guid":{"rendered":"http:\/\/pr.asianetpakistan.com\/?guid=09361d7a4507500f3cf14b956a765e96"},"modified":"2024-02-05T13:30:00","modified_gmt":"2024-02-05T13:30:00","slug":"purecycle-provides-notice-of-agreement-in-principle-to-purchase-ironton-bonds","status":"publish","type":"post","link":"https:\/\/lebanonnewsgazette.com\/purecycle-provides-notice-of-agreement-in-principle-to-purchase-ironton-bonds\/","title":{"rendered":"PureCycle Provides Notice of Agreement in Principle to Purchase Ironton Bonds"},"content":{"rendered":"

ORLANDO, FL \/ ACCESSWIRE \/ February 5, 2024 \/<\/strong> PureCycle Technologies, Inc.<\/a> (Nasdaq:PCT) (the "Company"), today announced that PureCycle: Ohio LLC ("PCO"), an indirect subsidiary of the Company, has reached an agreement in principle with holders of a majority (the "Majority Holders") of the Southern Ohio Port Authority Exempt Facility Revenue Bonds (PureCycle Project), Tax-Exempt Series 2020A (the "Series 2020A Bonds"), of which $219,550,000 principal amount is outstanding, to purchase for cash (the "Purchase"), at a purchase price equal to $1,030 per $1,000 principal amount of Bonds (as defined below) purchased (the "Purchase Price"). In addition to the Majority Holders, additional holders of the Series 2020A Bonds may participate in the Purchase.<\/p>\n

Holders of the Series 2020A Bonds that participate in the Purchase will be required to consent (each a "Consent" and collectively, the "Consents") to certain proposed amendments (the "Proposed Amendments") to the bond documents governing the Series 2020A Bonds and closing of the Purchase will require that no less than Majority Holders participate in the Purchase and provide their Consents. The Proposed Amendments will eliminate certain restrictive covenants and events of default contained in the bond documents governing the Series 2020A Bonds that are permitted to be eliminated with the consent of the Majority Holders. The Consents will become effective upon closing of the Purchase.<\/p>\n

In addition to the Purchase of the Series 2020A Bonds, PCO may purchase Southern Ohio Port Authority Subordinate Exempt Facility Revenue Bonds (PureCycle Project), Tax-Exempt Series 2020B (the "Series 2020B Bonds"), of which $20,000,000 principal amount is outstanding, and Southern Ohio Port Authority Subordinate Exempt Facility Revenue Bonds (PureCycle Project), Taxable Series 2020C (the "Series 2020C Bonds"), of which $10,000,000 principal amount is outstanding (the Series 2020A Bonds, Series 2020B Bonds and Series 2020C Bonds collectively, the "Bonds," and the holders thereof, the "Holders"), for which Consents shall also be required to the extent such Bonds are purchased.<\/p>\n

The Purchase Price is calculated in part to compensate the Sellers for default interest accruing from January 2, 2023 through December 31, 2023, and any other accrued and unpaid interest on the Bonds from, and including, the most recent interest payment date up to the closing date of the Purchase. The Purchase Price does not include any default or penalty interest accruing from January 1, 2024, that may otherwise be owed and Holders that participate in the Purchase will waive their respective right to such default or penalty interest.<\/p>\n

The Proposed Amendments to the Indenture of Trust, dated as of October 1, 2020 (as amended, restated, supplemented or otherwise modified from time to time, the "Indenture"), between Southern Ohio Port Authority (the "Issuer") and UMB Bank, N.A., as trustee ("Trustee") and the Loan Agreement by and between the Issuer and PCO, dated as of October 1, 2020 (as amended, restated, supplemented or otherwise modified from time to time, the "Loan Agreement") are expected to include, but are not limited to, the following:<\/p>\n