AST SpaceMobile, Inc. (ASTS): debt financing — AST SpaceMobile subsidiary obtains $420M cash-collateralized loan from UBS

AST SpaceMobile, Inc.

BackstopCo, LLC borrowed $420M at Term SOFR + 2%, maturing October 31, 2028.
Loan is secured by substantially all assets of BackstopCo; AST SpaceMobile is not liable as borrower or guarantor.
AST LLC is limited guarantor only for certain 'bad boy' events; recourse limited to AST LLC's equity in BackstopCo.
Proceeds used to fund a collateral account and pay loan expenses; BackstopCo must maintain cash at 102% of outstanding principal.
Loan can be prepaid without penalty; includes customary covenants and events of default.

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 $420.0 million with UBS AG, Stamford Branch at Term SOFR plus 2.0% per annum maturing earlier of (a) October 31, 2028 and (b) the date on which the Loan Facility shall be terminated or accelerated.

Instrument: term loan
Principal: $420.0 million
Counterparty: UBS AG, Stamford Branch
Rate: Term SOFR plus 2.0% per annum
Maturity: earlier of (a) October 31, 2028 and (b) the date on which the Loan Facility shall be terminated or accelerated
Event: incurrence

Exact text from the filing

On October 31, 2025 (the “Closing Date”), BackstopCo, LLC (“BackstopCo”), a subsidiary of AST & Science, LLC (“AST LLC”) entered into a loan agreement with UBS AG, Stamford Branch as lender (the “Loan Agreement”). The Loan Agreement provides for a cash collateralized term loan facility (the “Loan Facility”) in an aggregate principal amount of $420.0 million (“Loan Amount”).

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AST SpaceMobile, Inc. filing history →

Source: SEC EDGAR

accession 0001493152-25-020619

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