Company: PIII
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001628280-25-015305
Chunk: 187

Company: P3 Health Partners Inc.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 7
Chunk 187
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Long-term debt consisted of the following:December 31,20242023(in thousands)Repurchase Promissory Note$15,000 $15,000 Term Loan Facility65,000 65,000 VGS 1 2024 Loan (2024) / VGS Promissory Note (2023)38,057 29,102 VGS 2 Promissory Note25,375 — VGS 3 Promissory Note25,375 — Long-term debt, gross168,807 109,102 Less: unamortized debt issuance costs and original issue discount(13,983)(783)154,824 108,319 Less: current portion of long-term debt(65,000)— Long-term debt, net$89,824 $108,319 Repurchase Promissory NoteIn June 2019, the Company issued a share repurchase promissory note to a former equity investor for $15.0 million, which was subsequently amended in November 2020 (as amended, the “Repurchase Promissory Note”). The Repurchase Promissory Note automatically matures and is due and payable on the earlier of June 30, 2026, a change in control transaction, or an underwritten primary public offering, each as defined in the agreement. The Repurchase 

P3 Health Partners Inc. | 2024 Form 10-K | 98

Promissory Note accrues paid-in-kind (“PIK”) interest of 11.0% per year. The principal balance, accrued interest, and an exit fee of $0.6 million are due at maturity. Accrued interest was $15.1 million and $11.7 million as of December 31, 2024 and 2023, respectively.Term Loan FacilityIn November 2020, the Company entered into a Term Loan Agreement and Security Agreement with a commercial lender (as amended, the “Term Loan Agreement”), which provided funding up to $100.0 million (the “Term Loan Facility”), of which $65.0 million was drawn as of December 31, 2024 and 2023. The Company’s access to additional borrowings under the Term Loan Facility ended upon termination of the commitment period on February 28, 2022. The Term Loan Agreement was amended on November 16, 2021 to provide for certain modifications and to obtain consent from the lenders to consummate the Business Combinations