Mynaric US$75m secured term loan (2023)
Repay the May 2022 credit line in full and fund working capital
Key terms
- Borrower or issuer
- Mynaric
- Date
- 25 Apr 2023
- Type
- Bank facility
- Amount
- US$75m
- Pricing
- 3m Term SOFR (2% floor) + 10.00%; 3% may be paid in kind for the first two years
- Maturity
- 2028
Recorded terms
- Structure
- Five-year senior secured term loan to Mynaric USA Inc., guaranteed by Mynaric AG and its subsidiaries and secured on substantially all assets; 1% original issue discount; lenders' affiliates also bought 9.1% of Mynaric for €12.4m
- Lenders and arrangers
- Funds affiliated with a US-based global investment management firm, lenders; Alter Domus (US), administrative agent
- Country
- Germany
Parties
- Mynaric borrower or issuer
Similar financings
| Date | Financing | Type | Amount |
|---|---|---|---|
| 27 Apr 2023 | Astroscale ¥3bn revolving credit line from MUFG Bank (2023) | Bank facility | JPY 3bn |
| 4 Apr 2023 | Virgin Orbit US$74.1m debtor-in-possession facility | Bank facility | US$74.1m |
| 24 Jul 2023 | MEASAT US$112m refinancing of MEASAT-3b | Bank facility | US$112m |
| 14 Aug 2023 | AST SpaceMobile US$100m senior secured term loan (Atlas Credit Partners) | Bank facility | US$100m |
| 24 Aug 2023 | Viasat US$597.5m revolving credit facility (2023 extension) | Bank facility | US$597.5m |
More from Mynaric
| Date | Financing | Type | Amount |
|---|---|---|---|
| 14 Mar 2024 | Mynaric US$20m delayed draw facility (2024) | Bank facility | US$20m |
| 2 May 2022 | Mynaric €25m credit line (2022) | Bank facility | €25m |
M&A and investment involving Mynaric
| Date | Deal | Type | Value |
|---|---|---|---|
| 14 Apr 2026 | Rocket Lab acquisition of Mynaric | M&A | US$155.3m |
| 12 Nov 2021 | Mynaric IPO on Nasdaq | IPO | US$66m |
Sources
About this record
Record ORB-2023-0014, taken from an issuer, lender or government announcement. Confirmed against the primary documents listed. Amounts are as announced; US$ equivalents use approximate annual average exchange rates. Spotted an error or have a document we have missed? Send a correction, and changes are logged on Updates and corrections.
Read the structure
A revolving or term facility is a relationship loan from a bank group, priced at a margin over a reference rate, with financial covenants and an agent.
