Mynaric to Receive Early Partial Disbursement of Restructuring Loans Due to Delays in StaRUG Proceedings
Mynaric AG (MYNA) will receive an early partial disbursement of up to $10.5 million from its previously agreed $25 million restructuring facility due to delays in StaRUG proceedings. The early payout loans, provided by U.S. lenders CO FINANCE II LVS I LLC and OC III LVS LIII LP, will help secure current operational and working capital needs. The loans bear an 8% annual interest rate and will mature on December 31, 2028.
The company expects the StaRUG proceedings to conclude in late Q2/2025 or early Q3/2025, with a discussion and voting meeting scheduled for May 28, 2025. These new loans are in addition to previous $95 million loans and $49.5 million bridge loans. Notably, Rocket Lab USA has entered into a non-binding term sheet with the U.S. lenders regarding their future interest in Mynaric.
Mynaric AG (MYNA) riceverà un anticipo parziale fino a 10,5 milioni di dollari dal suo precedente fondo di ristrutturazione da 25 milioni di dollari, a causa di ritardi nelle procedure StaRUG. I prestiti anticipati, forniti dai finanziatori statunitensi CO FINANCE II LVS I LLC e OC III LVS LIII LP, serviranno a garantire le necessità operative e il capitale circolante attuali. I prestiti prevedono un tasso di interesse annuo dell'8% e scadranno il 31 dicembre 2028.
L'azienda prevede che le procedure StaRUG si concludano tra la fine del secondo trimestre 2025 o l'inizio del terzo trimestre 2025, con una riunione di discussione e voto prevista per il 28 maggio 2025. Questi nuovi prestiti si aggiungono ai precedenti prestiti da 95 milioni di dollari e prestiti ponte da 49,5 milioni di dollari. In particolare, Rocket Lab USA ha stipulato un accordo non vincolante con i finanziatori statunitensi riguardo al loro interesse futuro in Mynaric.
Mynaric AG (MYNA) recibirá un desembolso parcial anticipado de hasta 10,5 millones de dólares de su facilidad de reestructuración de 25 millones de dólares previamente acordada, debido a retrasos en los procedimientos StaRUG. Los préstamos anticipados, proporcionados por los prestamistas estadounidenses CO FINANCE II LVS I LLC y OC III LVS LIII LP, ayudarán a asegurar las necesidades operativas y de capital de trabajo actuales. Los préstamos tienen una tasa de interés anual del 8% y vencerán el 31 de diciembre de 2028.
La compañía espera que los procedimientos StaRUG concluyan a finales del segundo trimestre de 2025 o a principios del tercer trimestre de 2025, con una reunión de discusión y votación programada para el 28 de mayo de 2025. Estos nuevos préstamos se suman a los anteriores préstamos de 95 millones de dólares y préstamos puente de 49,5 millones de dólares. Cabe destacar que Rocket Lab USA ha firmado una hoja de términos no vinculante con los prestamistas estadounidenses sobre su interés futuro en Mynaric.
Mynaric AG (MYNA)는 StaRUG 절차 지연으로 인해 이전에 합의된 2,500만 달러 구조조정 시설에서 최대 1,050만 달러의 조기 부분 지급을 받게 됩니다. 미국 대출기관인 CO FINANCE II LVS I LLC와 OC III LVS LIII LP가 제공하는 이 조기 대출은 현재 운영 및 운전자본 필요를 확보하는 데 도움이 됩니다. 대출은 연 8%의 이자율이 적용되며, 만기는 2028년 12월 31일입니다.
회사는 StaRUG 절차가 2025년 2분기 말 또는 3분기 초에 종료될 것으로 예상하며, 논의 및 투표 회의는 2025년 5월 28일에 예정되어 있습니다. 이 새로운 대출은 이전의 9,500만 달러 대출과 4,950만 달러 브리지 대출에 추가된 것입니다. 특히 Rocket Lab USA는 Mynaric에 대한 향후 관심과 관련하여 미국 대출기관과 비구속적 조건서를 체결했습니다.
Mynaric AG (MYNA) recevra un décaissement partiel anticipé allant jusqu'à 10,5 millions de dollars de sa facilité de restructuration de 25 millions de dollars précédemment convenue, en raison de retards dans les procédures StaRUG. Les prêts anticipés, fournis par les prêteurs américains CO FINANCE II LVS I LLC et OC III LVS LIII LP, aideront à sécuriser les besoins opérationnels actuels et le fonds de roulement. Les prêts portent un taux d'intérêt annuel de 8% et arriveront à échéance le 31 décembre 2028.
La société s'attend à ce que les procédures StaRUG se terminent fin du deuxième trimestre 2025 ou début du troisième trimestre 2025, avec une réunion de discussion et de vote prévue pour le 28 mai 2025. Ces nouveaux prêts s'ajoutent aux précédents prêts de 95 millions de dollars et prêts relais de 49,5 millions de dollars. Notamment, Rocket Lab USA a conclu une feuille de conditions non contraignante avec les prêteurs américains concernant leur intérêt futur dans Mynaric.
Mynaric AG (MYNA) erhält aufgrund von Verzögerungen im StaRUG-Verfahren eine vorzeitige Teilauszahlung von bis zu 10,5 Millionen US-Dollar aus seiner zuvor vereinbarten 25-Millionen-US-Dollar-Restrukturierungsfazilität. Die vorzeitigen Darlehen, bereitgestellt von den US-Kreditgebern CO FINANCE II LVS I LLC und OC III LVS LIII LP, sollen die aktuellen operativen und Betriebskapitalbedürfnisse sichern. Die Darlehen haben einen jährlichen Zinssatz von 8% und laufen am 31. Dezember 2028 ab.
Das Unternehmen erwartet, dass die StaRUG-Verfahren Ende des zweiten Quartals 2025 oder Anfang des dritten Quartals 2025 abgeschlossen sind, mit einer Diskussions- und Abstimmungssitzung am 28. Mai 2025. Diese neuen Darlehen kommen zu den vorherigen 95 Millionen US-Dollar-Darlehen und 49,5 Millionen US-Dollar Überbrückungskrediten hinzu. Bemerkenswert ist, dass Rocket Lab USA eine unverbindliche Absichtserklärung mit den US-Kreditgebern bezüglich ihres zukünftigen Interesses an Mynaric unterzeichnet hat.
- Secured additional $10.5 million in immediate funding for operational needs
- Extended loan maturity until December 31, 2028 provides long-term financial flexibility
- Potential strategic interest from Rocket Lab USA could benefit future business prospects
- Delays in restructuring proceedings indicate ongoing financial challenges
- High total debt burden with $95M in loans and $49.5M in bridge loans
- Additional restrictive covenants limit operational flexibility
- 8% interest rate represents significant financing cost
Insights
Mynaric secures critical $10.5M early loan disbursement amid restructuring delays, buying operational runway while StaRUG proceedings continue.
Mynaric's announcement reveals critical financial maneuvering as the company navigates through German restructuring proceedings (StaRUG). The early disbursement of
This development should be viewed in proper context: Mynaric is deep in financial distress, having already borrowed
The most revealing aspect is the mention of Rocket Lab's potential interest in acquiring the U.S. lenders' future stake in Mynaric. This contextualizes the lenders' willingness to provide additional capital - they appear to have a potential exit strategy via Rocket Lab, contingent on restructuring completion and regulatory approvals. The additional restrictive covenants imposed with this early disbursement, particularly maintaining operational status quo until a potential sale, strongly suggests the lenders are positioning Mynaric for acquisition rather than independent recovery.
This financial maneuver buys Mynaric crucial operational runway while the formal restructuring process continues, but the path forward appears to be leading toward a potential change in control rather than standalone rehabilitation.
MUNICH, DE / ACCESS Newswire / May 9, 2025 / Mynaric AG (OTC PINK:MYNAY)(MOYFF) (ISIN: US62857X1019) (FRA:M0YN) (ISIN: DE000A31C305) (the "Company") announces the early disbursement of up to USD 10.5 million from the already agreed USD 25 million restructuring facility by its existing lenders due to delays in StaRUG proceedings.
On February 7, 2025, the Company had announced, among other things, that it resolved on commencing restructuring proceedings in accordance with the German Corporate Stabilization and Restructuring Act (Gesetz über den Stabilisierungs- und Restrukturierungsrahmen für Unternehmen) ("StaRUG") and on a loan agreement with its U.S.-based lenders CO FINANCE II LVS I LLC and OC III LVS LIII LP (the "U.S. Lenders") pursuant to which the U.S. Lenders agreed to provide restructuring loans in the amount of USD 25 million (the "Restructuring Facility") to cover expected capital needs to support the Company's production plan and to fund its ongoing operations in accordance with its restructuring plan. The Company submitted the final restructuring plan to the competent restructuring court in Munich in March 2025. The court today set the discussion and voting meeting (Erörterungs- und Abstimmungstermin) for May 28, 2025. The Company expects the StaRUG proceedings to close in late Q2/2025 or the first of half of Q3/2025.
To secure its current operational and working capital needs, the Company today entered into an amendment to the Restructuring Facility, pursuant to which the U.S. Lenders agreed to disburse loans under the Restructuring Facility in a total amount of up to USD 10.5 million earlier than initially contemplated (the "Early Payout Loans"). The Early Payout Loans are in addition to the USD 95 million loans and the USD 49.5 million bridge loans that the U.S. Lenders provided in the past.
The Restructuring Facility (including the Early Payout Loans) will be provided to the Company and guaranteed by each of its subsidiaries and bears interest at a rate of
The disbursement of the Early Payout Loans will accordingly reduce the remaining available commitments under the Restructuring Facility. The availability of the remainder is subject to the satisfaction of certain further conditions, including the approval of the restructuring plan and the grant of security. The Company expects to satisfy such conditions and all other applicable conditions.
In connection with the amendments to the Restructuring Facility to allow for the disbursement of the Early Payout Loans, the Company agreed to certain additional restrictive covenants vis-à-vis the U.S. Lenders, including the operation of its and its subsidiaries' businesses in the ordinary course of business and the retention of the status quo of their operations until the closing of the sale of the U.S. Lenders' future interest in the Company. The Company learned from a press release published by Rocket Lab USA, Inc. on March 11, 2025 that Rocket Lab and the U.S. Lenders had entered into a non-binding term sheet regarding the U.S. Lenders' future interest in the Company subject to the execution of definitive agreements, the completion of the StaRUG restructuring and the receipt of regulatory approvals. The Company is not party to the term sheet or the definitive agreements.
About Mynaric
Mynaric (OTC: MYNAY, MYOYFF) (FRA: M0YN) is leading the industrial revolution of laser communications by producing optical communications terminals for air, space and mobile applications. Laser communication networks provide connectivity from the sky, allowing for ultra-high data rates and secure, long-distance data transmission between moving objects for wireless terrestrial, mobility, airborne- and space-based applications. The company is headquartered in Munich, Germany, with additional locations in Los Angeles, California, and Washington, D.C. For more information, visit mynaric.com.
Forward-Looking Statement
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Company: | Mynaric AG |
SOURCE: Mynaric AG
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