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NEWS
Mynaric Secures Another USD 5.0 million Bridge Loan to Meet Immediate Working Capital Needs
Monday, 23rd December at 3:45 pm
MUNICH, GERMANY / ACCESSWIRE / December 23, 2024 / Mynaric AG (NASDAQ: MYNA) (ISIN: US62857X1019) (FRA:M0YN) (ISIN: DE000A31C305) (the "Company") today entered into an amendment to its existing loan agreement with its U.S.-based lenders, which are funds affiliated with a U.S.-based global investment management firm, pursuant to which such lenders have agreed to provide a third bridge loan in the amount of USD 5.0 million. Such bridge loan is in addition to the USD 95 million originally provided under such loan agreement and the two bridge loans in the aggregate amount of USD 16.5 million that such lenders agreed to provide in October 2024 and November 2024.
As is the case for the existing USD 95 million term loans and the previous USD 16.5 million bridge loans, the new bridge loan will be guaranteed and secured by the Company and each of its subsidiaries and bear interest at a rate equal to the Term Secured Overnight Financing Rate (SOFR) for a 3-month tenor, subject to a 2% floor, plus a margin of 10% or, at the option of the borrower, a certain alternative base rate, subject to a 2% floor, plus a margin of 9%. The new bridge loan will mature on January 31, 2025.
In addition, the maturity date of the two existing USD 16.5 million bridge loans was extended and will now also be January 31, 2025.
The availability of the new bridge loan is subject to the satisfaction of certain conditions, including the delivery of an updated liquidity plan from the Company's independent restructuring expert showing that it is more likely than not that the Company and its subsidiaries will be able to pay their obligations when due during the period that the bridge loan is outstanding. The Company expects to satisfy this condition as well as all other necessary conditions, and have the bridge loan fully available and drawn as of today to meet immediate working capital needs.
Monday, 23rd December at 3:45 pm
MUNICH, GERMANY / ACCESSWIRE / December 23, 2024 / Mynaric AG (NASDAQ: MYNA) (ISIN: US62857X1019) (FRA:M0YN) (ISIN: DE000A31C305) (the "Company") today entered into an amendment to its existing loan agreement with its U.S.-based lenders, which are funds affiliated with a U.S.-based global investment management firm, pursuant to which such lenders have agreed to provide a third bridge loan in the amount of USD 5.0 million. Such bridge loan is in addition to the USD 95 million originally provided under such loan agreement and the two bridge loans in the aggregate amount of USD 16.5 million that such lenders agreed to provide in October 2024 and November 2024.
As is the case for the existing USD 95 million term loans and the previous USD 16.5 million bridge loans, the new bridge loan will be guaranteed and secured by the Company and each of its subsidiaries and bear interest at a rate equal to the Term Secured Overnight Financing Rate (SOFR) for a 3-month tenor, subject to a 2% floor, plus a margin of 10% or, at the option of the borrower, a certain alternative base rate, subject to a 2% floor, plus a margin of 9%. The new bridge loan will mature on January 31, 2025.
In addition, the maturity date of the two existing USD 16.5 million bridge loans was extended and will now also be January 31, 2025.
The availability of the new bridge loan is subject to the satisfaction of certain conditions, including the delivery of an updated liquidity plan from the Company's independent restructuring expert showing that it is more likely than not that the Company and its subsidiaries will be able to pay their obligations when due during the period that the bridge loan is outstanding. The Company expects to satisfy this condition as well as all other necessary conditions, and have the bridge loan fully available and drawn as of today to meet immediate working capital needs.
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