Rocket Lab US$100m secured term loan (Hercules Capital)
Growth funding ahead of the SPAC merger with Vector Acquisition
Key terms
- Borrower or issuer
- Rocket Lab
- Date
- 10 Jun 2021
- Type
- Bank facility
- Amount
- US$100m
- Pricing
- 8.15% cash floor (8.15% plus prime minus 3.25%) plus 1.25% PIK
- Maturity
- 2024-06-01
Recorded terms
- Structure
- Secured term loan over substantially all assets, fully drawn, interest-only to maturity on 1 June 2024
- Lenders and arrangers
- Hercules Capital
- Country
- United States
Parties
- Rocket Lab borrower or issuer
- Private credit: Hercules Capital
Similar financings
| Date | Financing | Type | Amount |
|---|---|---|---|
| 15 Apr 2021 | Spire Global US$70m term loan (FP Credit Partners) | Bank facility | US$70m |
| 24 Nov 2021 | Terran Orbital US$150m senior secured notes (Francisco Partners) | Bank facility | US$150m |
| 9 Dec 2020 | ABL Space Systems debt raise of US$20m | Bank facility | US$20m |
| 20 Dec 2021 | Intelsat DIP-to-exit financing on emergence from Chapter 11 | Bank facility | US$7.88bn |
| 7 Oct 2020 | CesiumAstro debt raise of US$15m | Bank facility | US$15m |
More from Rocket Lab
| Date | Financing | Type | Amount |
|---|---|---|---|
| 1 Feb 2024 | Rocket Lab US$355m 4.25% convertible notes due 2029 | Convertible | US$355m |
M&A and investment involving Rocket Lab
| Date | Deal | Type | Value |
|---|---|---|---|
| 14 Apr 2026 | Rocket Lab acquisition of Mynaric | M&A | US$155.3m |
| 12 Aug 2025 | Rocket Lab acquisition of Geost | M&A | US$275m |
| 18 Jan 2022 | Rocket Lab acquisition of SolAero | M&A | US$80m |
| 25 Aug 2021 | Rocket Lab SPAC merger with Vector Acquisition: PIPE | SPAC merger | US$467m |
Sources
- Rocket Lab USA: financial statements to 30 June 2021, note 10 (Form 8-K exhibit) sec.gov · 31 Aug 2021
About this record
Record ORB-2021-0004, taken from an issuer, lender or government announcement. Confirmed against the primary documents listed. Amounts are as announced; US$ 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.
