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PureCycle Technologies completes $60 million Convertible Senior Notes offering

December 2020

Client(s) PureCycle Technologies LLC

Jones Day represented PureCycle Technologies LLC ("PureCycle") in connection with its initial issuance of $48 million aggregate principal amount of 5.875% Convertible Senior Notes due 2022 (the "Initial Notes") and an add-on issuance of $12 million aggregate principal amount of 5.875% Convertible Senior Secured Notes due 2022 (the "Second Tranche Notes" and together with the Initial Notes, the "Convertible Notes"). The issuance of Initial Notes closed on October 7, 2020, and the issuance of Second Tranche Notes closed on December 29, 2020. The Convertible Notes were issued in a private 144A offering to funds affiliated with Magnetar Capital LLC. The proceeds of the Convertible Notes are being used to fund the construction of an industrial process facility in Ironton, Ohio for restoring waste polypropylene into resin with near-virgin characteristics.

PureCycle Technologies LLC holds a global license to commercialize the only patented solvent-based purification recycling technology for restoring waste polypropylene (PP) into virgin-like resin. Our proprietary process removes color, odor, and other contaminants from recycled feedstock resulting in virgin-like polypropylene suitable for any PP market. To learn more, visit purecycletech.com.

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