Terran Orbital US$150m senior secured notes (Francisco Partners)
Fund the business through the Tailwind Two SPAC merger
Key terms
- Borrower or issuer
- Terran Orbital
- Date
- 24 Nov 2021
- Type
- Bank facility
- Amount
- US$150m
- Pricing
- 9.25%
Recorded terms
- Structure
- Note purchase agreement for up to US$150m of five-year senior secured notes: US$30m drawn at signing, up to US$120m at the SPAC merger closing (US$100m conditional on redemptions)
- Lenders and arrangers
- FP Credit Partners (Francisco Partners), as purchasers; Wilmington Savings Fund Society, agent
- Country
- United States
Parties
- Terran Orbital borrower or issuer
- Private credit: Francisco Partners (FP Credit Partners)
Similar financings
| Date | Financing | Type | Amount |
|---|---|---|---|
| 20 Dec 2021 | Intelsat DIP-to-exit financing on emergence from Chapter 11 | Bank facility | US$7.88bn |
| 4 Mar 2022 | Viasat US$700m term loan B | Bank facility | US$700m |
| 10 Jun 2021 | Rocket Lab US$100m secured term loan (Hercules Capital) | Bank facility | US$100m |
| 13 Jun 2022 | Spire Global US$120m term loan (Blue Torch) | Bank facility | US$120m |
| 15 Apr 2021 | Spire Global US$70m term loan (FP Credit Partners) | Bank facility | US$70m |
M&A and investment involving Terran Orbital
| Date | Deal | Type | Value |
|---|---|---|---|
| 30 Oct 2024 | Lockheed Martin acquisition of Terran Orbital | M&A | US$450m |
| 20 Sep 2023 | Terran Orbital US$32m share offering | Equity raise | US$32.5m |
| 25 Mar 2022 | Terran Orbital SPAC merger with Tailwind Two: PIPE | SPAC merger | US$51m |
Sources
About this record
Record ORB-2021-0005, taken from an issuer, lender or government announcement. Confirmed against the primary documents listed. Amounts are as announced; US$ 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.
