Local Bounti Corporation Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Cover
- Cover Page
- Audit Information
Financial Statements
Notes to Financial Statements
Accounting Policies
- Summary of Significant Accounting Policies (Policies)
Notes Tables
Notes Details

Debt - Agreements with Cargill Financial (Details)

v3.22.1

Debt - Agreements with Cargill Financial (Details) - USD ($)		1 Months Ended	12 Months Ended
	Sep. 03, 2021	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Subordinated Facility
Debt Instrument [Line Items]
Long term debt outstanding			$ 16,293,000	$ 0
Senior Facility \| Minimum \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Debt basis spread on variable rate	5.50%
Senior Facility \| Maximum \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Debt basis spread on variable rate	6.50%
Cargill Credit Agreements
Debt Instrument [Line Items]
Unused capacity, commitment fee percentage			1.25%
Secured Debt \| Cargill Loan Due March 2022
Debt Instrument [Line Items]
Debt, face amount		$ 10,000,000
Interest rate percentage		8.00%
Equity warrant coverage, percentage		25.00%
Debt instrument, equity warrant coverage terms, percentage of lowest cash price per share		85.00%
Loans Payable \| Subordinated Facility
Debt Instrument [Line Items]
Debt, face amount	$ 50,000,000
Interest rate percentage	10.50%
Long term debt outstanding			$ 16,293,000
Loans Payable \| Senior Facility
Debt Instrument [Line Items]
Debt, face amount	$ 150,000,000
Long term debt outstanding			$ 0

- Definition

Debt Instrument, Equity Warrant Coverage, Percentage

+ References

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- Definition

Percentage points added to the reference rate to compute the variable rate on the debt instrument.

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- Definition

Amount, before unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but is not limited to, notes payable, bonds payable, commercial loans, mortgage loans, convertible debt, subordinated debt and other types of debt.

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- Definition

Face (par) amount of debt instrument at time of issuance.

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- Definition

Contractual interest rate for funds borrowed, under the debt agreement.

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Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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- Definition

The fee, expressed as a percentage of the line of credit facility, for available but unused credit capacity under the credit facility.

+ References

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