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OPAL FUELS INC.

(OPAL)
  Report
Real-time Estimate Cboe BZX  -  09:51 2022-12-05 am EST
9.890 USD   +5.10%
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OPAL FUELS INC. : Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant, Financial Statements and Exhibits (form 8-K)

10/03/2022 | 04:41pm EST

Item 1.01. Entry into a Material Definitive Agreement

The information provided in Item 2.03 below is incorporated herein by reference, as applicable.

Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

Opal Fuels Intermediate HoldCo LLC ("Borrower"), an indirect subsidiary of Opal Fuels Inc. (the "Company"), is the borrower under that $125 million Delayed Draw Term Loan and Guaranty Agreement dated as of October 22, 2021, as amended (as so amended, the "DDTL Agreement"), provided by a lender group led by Bank of America, as administrative agent, and guaranteed by Opal Fuels LLC, a direct subsidiary of the Company, and certain of its direct and indirect subsidiaries. $35 million of the loan commitments under the DDTL Agreement (the "Term A-2 Commitments") were specifically allocated to the following renewable natural gas production projects: (i) New River, located in Raiford, Florida, (ii) Pine Bend, located in Inver Grove Heights, Minnesota and (iii) Noble Road, located in Shiloh, Ohio, in each case subject to certain project specific conditions set forth in the DDTL Agreement.

On September 29, 2022, Borrower and the other parties to the DDTL Agreement entered into that Amendment No. 3 ("Amendment No. 3") to the DDTL Agreement. Amendment No. 3 amended the DDTL Agreement (a) to extend from September 30, 2022 to (i) October 31, 2022 the availability period for the borrowing under the Term A-2 Commitments of up to an aggregate of $25 million in Term A-2 Loans, and (ii) March 31, 2023 the availability period for the borrowing under the Term A-2 Commitments of a single final borrowing of Term A-2 Loans not to exceed $10 million, to be made upon Borrower's certification to the satisfaction of certain final conditions specifically applicable to the New River and Pine Bend projects, and (b) to amend the principal repayment amortization schedule for Term A-2 Loans.

This summary of the DDTL Agreement does not purport to be complete and is qualified in its entirety by reference to the text of the DDTL Agreement, a copy of which is filed as Exhibit 10.1 hereto and incorporated into this Item 2.03 by reference.

Item 9.01. Financial Statements and Exhibits


Exhibit Number                   Description

10.1                               Amendment No. 3 to Delayed Draw Term Loan and Guaranty Agreement,
                                 dated September 29, 2022


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