AST SpaceMobile, Inc. (ASTS): debt financing — AST SpaceMobile closes $100M Atlas credit facility, draws $48.5M at 14.75% interest

AST SpaceMobile, Inc.

Up to $100M total commitment; $48.5M drawn at closing; remaining $51.5M conditional on equity raises and insurance.
Interest fixed at 3-month SOFR + 9.625% (14.75% on initial draw), quarterly payments; matures August 14, 2026.
Net proceeds $37.3M after fees and escrows; also entered $15M Lone Star loan secured by Texas facility.
Covenants include minimum liquidity, restrictions on dividends and indebtedness; Lone Star loan requires retaining CEO.
Proceeds for general corporate purposes; secured by substantially all assets of the company and subsidiaries.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

AST SpaceMobile, Inc. incurred term loan of up to $100.0 million with Atlas Credit Partners, LLC at 14.75% maturing August 14, 2026.

Instrument: term loan
Principal: up to $100.0 million
Counterparty: Atlas Credit Partners, LLC
Rate: 14.75%
Maturity: August 14, 2026
Event: incurrence

Exact text from the filing

On August 14, 2023, AST & Science, LLC ("AST LLC"), a wholly owned subsidiary of AST SpaceMobile, Inc. (the "Company") entered into a senior secured term loan credit agreement with ACP Post Oak Credit II LLC as administrative agent and collateral agent and Atlas Credit Partners, LLC ("Atlas") as lender, providing for a principal loan commitment of up to $100.0 million

View on SEC.gov

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

AST SpaceMobile, Inc. incurred term loan of $15.0 million with Lone Star State Bank of West Texas at Prime Rate plus 0.75% maturing January 14, 2029.

Instrument: term loan
Principal: $15.0 million
Counterparty: Lone Star State Bank of West Texas
Rate: Prime Rate plus 0.75%
Maturity: January 14, 2029
Event: incurrence

Exact text from the filing

on August 14, 2023, AST LLC and certain other subsidiaries of the Company entered into a loan agreement with Lone Star State Bank of West Texas ("Lone Star") as lender, providing for $15.0 million principal term loan commitment secured by certain real property fixtures and equipment

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

AST SpaceMobile, Inc. entered into Lone Star Loan Agreement with Lone Star State Bank of West Texas valued at $15.0 million principal term loan commitment (effective 2023-08-14).

Action: entry
Agreement: credit facility
Counterparty: Lone Star State Bank of West Texas
Value: $15.0 million principal term loan commitment
Effective: 2023-08-14

Exact text from the filing

on August 14, 2023, AST LLC and certain other subsidiaries of the Company entered into a loan agreement with Lone Star State Bank of West Texas (“Lone Star”) as lender, providing for $15.0 million principal term loan commitment secured by certain real property fixtures and equipment

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

AST SpaceMobile, Inc. entered into Atlas Credit Agreement with Atlas Credit Partners, LLC valued at $100.0 million principal loan commitment, $48.5 million borrowed at closing (effective 2023-08-14).

Action: entry
Agreement: credit facility
Counterparty: Atlas Credit Partners, LLC
Value: $100.0 million principal loan commitment, $48.5 million borrowed at closing
Effective: 2023-08-14

Exact text from the filing

On August 14, 2023, AST & Science, LLC (“AST LLC”), a wholly owned subsidiary of AST SpaceMobile, Inc. (the “Company”) entered into a senior secured term loan credit agreement with ACP Post Oak Credit II LLC as administrative agent and collateral agent and Atlas Credit Partners, LLC (“Atlas”) as lender, providing for a principal loan commitment of up to $100.0 million

View on SEC.gov

73 debt financings filed in the last 30 days. Browse all debt financings →

AST SpaceMobile, Inc. filing history →

Source: SEC EDGAR

accession 0000950170-23-042594

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