Goodwin’s Capital Markets team advised the initial purchasers on a Rule 144A offering by BlackSky Technology Inc. (“BlackSky”) (NYSE: BKSY) of $185 million aggregate principal amount of its 8.25% convertible senior notes due 2033. The offering was upsized from $125 million to $185 million, including the full exercise of the initial purchasers’ option to purchase $25.0 million of additional notes. The initial conversion price of the notes represents a premium of approximately 30.0% over the reference price of $28.29 per share. BlackSky used the net proceeds from the offering to repay and terminate its term loan and commercial bank line facilities, thereby reducing interest expense. BlackSky intends to use the remainder of the net proceeds from the offering for general corporate purposes.
BlackSky is a real-time, space-based intelligence company that delivers on-demand, high frequency imagery, analytics, and high-frequency monitoring of the most critical and strategic locations, economic assets, and events in the world.
Goodwin’s product team consisted of Jim Barri, Kim De Glossop, John Servidio and Tom Underwood. The corporate team consisted of Benjamin Marsh, Jonathan Burr, Gaby Boria and Austin Church. Dan Karelitz and Garret Gaughan provided tax advice.