Investing.com — Space Exploration Technologies Corp (NASDAQ:SPCX) completed a $25 billion debt offering through five separate tranches of senior unsecured notes, according to a Form 8-K filed with the U.S. Securities and Exchange Commission on Friday. <\/p>\n
The company began the offering on June 22. The transaction includes maturities spanning from 5 to 30 years. <\/p>\n
The offering consists of $7 billion of 5.35% notes maturing in 2031, representing the largest single tranche. Two additional $6 billion tranches carry coupons of 5.65% and 5.875%, with maturity dates in 2033 and 2036. <\/p>\n
SpaceX also sold $2.5 billion of 6.60% notes due 2046 and $3.5 billion of 6.65% notes due 2056. Interest payments on all tranches will occur twice yearly on January 15 and July 15, starting in January 2027. <\/p>\n
The Bank of New York Mellon Trust Company serves as trustee under the indenture agreement. <\/p>\n
The capital raise took place through a private placement targeting qualified institutional buyers under Rule 144A and non-U.S. investors through Regulation S. BofA Securities, Citigroup Global Markets, Goldman Sachs, J.P. Morgan Securities, and Morgan Stanley led the syndicate of initial purchasers. <\/p>\n
SpaceX entered into a registration rights agreement as part of the transaction. The company committed to exchange the privately placed notes for publicly registered notes within 540 days of the closing date. <\/p>\n
The company’s stock fell 0.5% in after-hours trade Friday following the news. SpaceX has fallen 17% over the course of this week after rising dramatically in its first week as a public company. <\/p>\n
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