Li-Cycle Holdings Corp. announced that it has entered into a security purchase agreement with Koch Strategic Platforms, LLC for a private placement of convertible notes for the gross proceeds of $100,000,000 on September 29, 2021. The Note will have an initial conversion price of $13.43 per common share, subject to customary anti-dilution adjustments, which price was established based on 125% of the 7-day volume-weighted average price of its common shares prior to the date of the agreement. The company will settle its conversion obligations through the delivery of shares of common shares. The Note will mature on September 29, 2026 unless earlier repurchased, redeemed or converted. Interest on the Note will be payable semi-annually, and Li-Cycle is permitted to pay interest on the Note in cash or payment in-kind, at its election, at the company’s option, beginning on December 31, 2021. Interest payments made in cash will be based on an interest rate of LIBOR plus 5.0% per year with the floor rate of 1.0% and a cap of 2%, and PIK interest payments will be based on an interest rate of LIBOR plus 6.0% per year.