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01 / Financing terms · selected comparisons

Convertible premiums.

What issuers give up in conversion premium, and what capped calls add back.

Randeep Bubbra | Lawyer | Making space financeable

20%–32.5%conversion premium5 findings · data to 27 Oct 2026
Benchmark

Convertible premiums

Without a capped callWith a capped call
0%10%20%30%40%20181920212223242526Intelsat US$350m 4.50% convertible senior notes due 2025: premium 22.5%, coupon 4.5%Virgin Galactic US$425m 2.50% convertible senior notes due 2027: premium 27.5%, coupon 2.5%Rocket Lab US$355m 4.25% convertible notes due 2029: premium 27.5%, coupon 4.25%AST SpaceMobile US$400m 4.25% convertible senior notes due 2032: premium 20%, coupon 4.25%AST SpaceMobile US$500m 2.375% convertible notes due 2032: premium 20%, coupon 2.375%BlackSky US$160m 8.25% convertible senior notes due 2033: premium 30%, coupon 8.25%Intuitive Machines US$345m 2.5% convertible notes due 2030: premium 25%, coupon 2.5%Planet Labs US$400m 0.50% convertible notes due 2030: premium 32.5%, coupon 0.5%AST SpaceMobile US$1,000m convertible senior notes due 2036: premium 22.5%, coupon 2%Voyager Technologies US$435m 0.75% convertible senior notes due 2030: premium 30%, coupon 0.75%AST SpaceMobile US$1.0bn 2.25% convertible notes due 2036: premium 20%, coupon 2.25%AST SpaceMobile US$1.0bn 1.625% convertible notes due 2034: premium 20%, coupon 1.625%Voyager Technologies US$402m convertible senior notes due 2032: premium 30%, coupon 0%

Terms at pricing, quoted from the issuer's pricing release on /markets/.

Show the figures
PricedIssuePremiumCouponCap above share price
28 Sep 2026Voyager Technologies US$402m convertible senior notes due 203230%0%150%
15 Jul 2026AST SpaceMobile US$1.0bn 1.625% convertible notes due 203420%1.625%125%
11 Feb 2026AST SpaceMobile US$1.0bn 2.25% convertible notes due 203620%2.25%—
13 Nov 2025Voyager Technologies US$435m 0.75% convertible senior notes due 203030%0.75%150%
24 Oct 2025AST SpaceMobile US$1,000m convertible senior notes due 203622.5%2%—
9 Sep 2025Planet Labs US$400m 0.50% convertible notes due 203032.5%0.5%100%
13 Aug 2025Intuitive Machines US$345m 2.5% convertible notes due 203025%2.5%100%
25 Jul 2025AST SpaceMobile US$500m 2.375% convertible notes due 203220%2.375%100%
22 Jul 2025BlackSky US$160m 8.25% convertible senior notes due 203330%8.25%—
27 Jan 2025AST SpaceMobile US$400m 4.25% convertible senior notes due 203220%4.25%100%
1 Feb 2024Rocket Lab US$355m 4.25% convertible notes due 202927.5%4.25%100%
14 Jan 2022Virgin Galactic US$425m 2.50% convertible senior notes due 202727.5%2.5%100%
14 Jun 2018Intelsat US$350m 4.50% convertible senior notes due 202522.5%4.5%—
  1. 01

    13 convertibles with terms on file priced at conversion premiums of 20%–32.5%; the median is 25%.

  2. 02

    Since 2024, 11 deals priced at a median 25% premium.

  3. 03

    9 came with capped calls, lifting the effective conversion price to a median 100% above the share price.

  4. 04

    1 pay no coupon at all; investors take their return from the conversion option.

  5. 05

    The highest premium is Planet Labs US$400m 0.50% convertible notes due 2030 at 32.5%.

Next: Bond coupons

Selected observations from the register, not a market census, investment recommendation or legal advice. Working on a deal like these? Book 20 minutes with Randeep to see how your terms compare.

Randeep Bubbra
InfraOrbit Weekly

The week in space finance, read from the filings.

Deals, terms and the clauses behind them, for the people financing satellite operators, launch and space infrastructure. By Randeep Bubbra.

Working on a financing like this? Book 20 minutes with Randeep to see how it compares.

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