Intuitive Machines, Inc. (LUNR): debt financing — Intuitive Machines completes warrant redemption, raises ~$148M; cash reaches $385M

Intuitive Machines, Inc.

Completed redemption of ~19.4M warrants; ~12.87M exercised at $11.50 for ~$148M cash proceeds.
Redeemed ~6.57M remaining warrants at $0.01 each; no warrants outstanding, delisted from Nasdaq.
Cash balance post-redemption ~$385M; also entered $40M undrawn revolving credit facility with Stifel Bank.
Michael Blitzer exercised 1.8M warrants; company bought back 941,080 shares from him for $20.7M.
Company believes elimination of warrants and new revolver indicate maturing capital structure.

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

Intuitive Machines, Inc. incurred revolving credit of up to $40.0 million with Stifel Bank at greater of (A) Term SOFR plus two and three-quarters of one percent (2.75%) and maturing April 30, 2027.

Instrument: revolving credit
Principal: up to $40.0 million
Counterparty: Stifel Bank
Rate: greater of (A) Term SOFR plus two and three-quarters of one percent (2.75%) and
Maturity: April 30, 2027
Event: incurrence

Exact text from the filing

The Loan Agreement provides for a secured revolving credit facility in an aggregate principal amount of up to $40.0 million (the “Revolving Facility”). The proceeds of the loans (and any letters of credit issued thereunder) may be used by the Borrower for the funding of growth initiatives, including working capital needs and general corporate purposes. T he revolver remains unborrowed as of the Closing Date and is being entered into as the Company continues to focus on minimizing its cost of capital while maximizing available funding alternatives. Amounts outstanding under the Revolving Facility will bear interest at a rate per annum equal to the greater of (A) Term SOFR plus two and three-quarters of one percent (2.75%) and (B) six percent (6%). The Loan Agreement matures on April 30, 2027

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Intuitive Machines, Inc. filing history →

Source: SEC EDGAR

accession 0001844452-25-000011

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