Leo Holdings Corp. II announced a private placement to issue a unsecured promissory note at an issue price of $2.880.000 for the gross proceeds of $2,880,000 on October 16, 2023. The transaction will include participation from new lender Leo Investors II Limited Partnership. The Promissory Note does not bear interest and matures upon closing of the Company?s initial business combination. In the event that the Company does not consummate a business combination, the Promissory Note will be repaid only from amounts remaining outside of the Trust Account, if any. Up to $1,500,000 of the total principal amount of the Promissory Note may be converted, in whole or in part, at the option of the Lender into warrants of the Company at a price of $1.50 per warrant, which warrants will be identical to the private placement warrants issued to the Sponsor at the time of the initial public offering of the Company.

On the same date, the company announced that it has issued $240,000 in the first tranche.