Whitebox Advisors Completes Debt-for-Equity Exchange and Secures New Credit Facility

Whitebox Advisors LLC filed a Schedule 13D/A amendment disclosing significant restructuring of its position in Electra Battery Materials Corp (ELBM). The firm exchanged $31.9 million in convertible notes for 8.97 million common shares, 28.9 million warrants exercisable at $1.25/share, 21.9 million pre-funded warrants, and $14.6 million in new term loans. Concurrent transactions included a $15 million liquidity-backed credit agreement at 8.99% interest, amended royalty agreements extending payment terms, and registration rights for public resale of shares. The restructuring eliminated previous warrants and board nomination rights while implementing 9.9% ownership blockers on warrant exercises. These moves increased Whitebox's common share holdings to 9.27 million shares (9.9% ownership) and positioned the firm with multiple equity conversion instruments alongside senior debt exposure.