SpaceX term B cut to $250 million, to price at Libor plus 425 bps

By Sara Rosenberg

New York, Nov. 20 – Space Exploration Technologies Corp. (SpaceX) downsized its term loan B to $250 million from $750 million and firmed pricing at Libor plus 425 basis points, the high end of the Libor plus 400 bps to 425 bps talk, according to a market source.

The term loan still has a 0% Libor floor, an original issue discount of 99 and 101 soft call protection for six months.

Bank of America Merrill Lynch is the lead bank on the deal.

Proceeds will be used for general corporate purposes.

SpaceX is a Hawthorne, Calif.-based designer, manufacturer and launcher of advanced rockets and spacecraft.

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