---
title: "Borealis Foods Secures $17M Term Loan From Oxus, Sets $33.3M Conversion; Retires Frontwell Debt"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/284936905.md"
description: "Borealis Foods has secured a $17 million term loan from Oxus Capital at 12% interest, maturing on April 27, 2031, to refinance debt and enhance liquidity. The funds were used to repay $16.2 million owed under the Frontwell facility, which has been terminated without prepayment fees. Additionally, Borealis has established a $33.3 million debt-to-equity conversion agreement, which will convert to equity if a $70 million equity raise is not achieved by July 1, 2026. This financing aims to extend operational runway and simplify cash management."
datetime: "2026-05-01T20:23:01.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/284936905.md)
  - [en](https://longbridge.com/en/news/284936905.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/284936905.md)
---

# Borealis Foods Secures $17M Term Loan From Oxus, Sets $33.3M Conversion; Retires Frontwell Debt

Borealis Foods secured a $17.0 million secured term loan from Oxus Capital at 12% interest, maturing Apr 27, 2031, to refinance debt and support liquidity. The company used proceeds to repay about $16.2 million outstanding under its Frontwell facility, which was terminated with no prepayment fee and all liens released. Separately, Borealis entered a conversion agreement covering $33.3 million of shareholder debt that will automatically convert to equity at the 20-day VWAP if a $70 million equity raise at $9.00 per share is not completed by Jul 1, 2026. The financing package extends runway, simplifies cash controls, and provides a path to deleveraging.

**Agreement 1: Borealis Foods Secures $17 Million Term Loan From Oxus Capital, Refinancing Frontwell Debt**

-   **Agreement type**: Secured term loan credit agreement
-   **Counterparty**: Oxus Capital
-   **Signed / Effective**: Apr 27 2026 / Apr 27 2026
-   **Duration / Termination**: Through Apr 27 2031
-   **Reason**: Refinance Frontwell facility and add liquidity

**Agreement 2: Borealis Foods Sets Debt-to-Equity Conversion Pact on $33.3 Million If $70M Raise Fails**

-   **Agreement type**: Debt-to-equity conversion agreement
-   **Counterparty**: Oxus Capital; Reza Soltanzadeh; Barthelemy Helg
-   **Signed / Effective**: Apr 27 2026 / Apr 27 2026
-   **Duration / Termination**: Through Jul 01 2026
-   **Reason**: Reduce leverage if equity raise falls short

**Agreement 3: Borealis Foods Ends Frontwell Credit Facility After $16.2 Million Payoff; No Prepayment Fee**

-   **Agreement terminated**: Amended and Restated Credit Agreement (term loan and revolver)
-   **Counterparty**: Frontwell Capital Partners
-   **Original agreement date**: Aug 10 2023
-   **Termination date**: Apr 27 2026
-   **Termination type**: Early
-   **Exit fees / payments**: None
-   **Reason**: Refreshed with new Oxus term loan

Original SEC Filing: Borealis Foods Inc. \[ BRLS \] - 8-K - May. 01, 2026

**Disclaimer**

This is an AI-powered summary. It may contain inaccuracies. Consider verifying important information with the source. Please note this summary is solely based on documents filed with the SEC.

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