i(x) Net Zero PLC announced that its wholly owned subsidiary, i(X) investments LLC has entered into a restated and amended secured two year term loan facility with European Depositary Bank S.A. ("EDB") ("Loan") increasing its loan facility by $4.25 million ("Increased Facility Amount") from $7.5 million to $11.75 million. The Loan, once drawn, bears interest at 10.5% coupon (subject to periodic change in line with EDB's USD Base rate) which is payable quarterly. The Loan can be utilised for, inter alia, the purposes of the financing of investments and general working capital purposes.

The Loan is guaranteed by the Company. Drawdown of the Loan is conditional upon there being no event of default and other customary provisions including delivery of documents. The Loan is repayable together with default interest in the event of default which, inter alia, includes a change of control and a reduction of aggregate NAV of the Company below $125 million and $100 million in respect of WasteFuel.

Out of the Increased Facility Amount of $4.25 million, an initial drawdown amount of $3.0 million is subject to the fulfillment of the general terms, a subsequent drawdown amount of an additional $1.25 million will become available for drawdown from March 2024 and is subject to fulfilling additional conditions, including the share price performance in the previous four months prior to drawdown and the NAV of Wastefuel remaining above a certain threshold. Undrawn amounts are subject to a commitment fee and the Company has also agreed to pay an arragement fee. The Loan is secured by a pledge granted by the Company and its nominee of the shares held by it including those in i(x) Investments LLC and all other proceeds and property and assets owned by it.

In addition, as part of the initial Facility Agreement, i(x) Investments LLC pledged $4.0 million as a security at a deposit account with EDB. The Company invested this security deposit in certain money markets funds and other financial instruments and generated a return on deposited funds (currently expected to be approximately 5-6% per annum) thereby mitigating the interest payable. In addition, i(x) Investments LLC has undertaken to maintain a minimum cash balance in an operating account with the amount varying depending on the remaining time to facility maturity but being zero if draw downs total less than $4 million.

In connection with the facility, i(x) Investments LLC has also agreed to give customary undertakings, warranties and indemnities to the Lender, the Agent and Security Agent including as to tax and undertakings not to undertake certain corporate transactions without consent. Under the initial Facility Agreement the Company had drawn $2.6 million as at 3 November 2023.