Virgin Orbit US$74.1m debtor-in-possession facility
Funded Virgin Orbit through its Chapter 11 sale process
Key terms
- Borrower or issuer
- Virgin Orbit
- Date
- 4 Apr 2023
- Type
- Bank facility
- Amount
- US$74.1m
- Pricing
- 12.00% (16.0% on default)
Recorded terms
- Structure
- Super-priority senior secured DIP term loan of up to US$74.1m: US$31.6m new money plus a roll-up of the US$10.9m prepetition bridge note and part of the Virgin Investments notes
- Lenders and arrangers
- Virgin Investments Limited (DIP lender, an affiliate of Virgin Group)
- Country
- United States
Parties
- Virgin Orbit borrower or issuer
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|---|---|---|---|
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| 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 |
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M&A and investment involving Virgin Orbit
| Date | Deal | Type | Value |
|---|---|---|---|
| 29 Dec 2021 | Virgin Orbit SPAC merger with NextGen II | SPAC merger | US$228m |
Sources
- Virgin Orbit Holdings Form 8-K (Chapter 11 filing and DIP credit agreement) sec.gov · 4 Apr 2023
About this record
Record ORB-2023-0009, taken from an issuer, lender or government announcement. Confirmed against the primary documents listed. Amounts are as announced; US$ 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.
