Under the terms of the deal, Catalyst and a group of lenders will each give Pacific $250 million in debtor-in-possession financing that will be granted repayment priority over all other debts.
In return, Catalyst and the lenders will be granted warrants worth 25% of Pacific’s outstanding shares that will be split among the group based on their level of investment. In addition, the $250 million financing from the lenders will convert into a five-year note and Catalyst, which is backstopping the financing, will receive an additional 16.8%
