Jun. 23 at 5:42 PM
$SPCX debt offering 4.4x oversubscribed - draws
$89B investor demand on USD bond offering vs planned offering of just
$20B
Offering senior unsecured notes w/ maturities ranging from 5 to 30-yrs, structured as investment-grade debt & managed by
$GS $MS $BAC $C & JPM
Due to the immense demand, price talk on the longest-dated 2056 bonds tightened by about 0.25 percentage points down to 1.75 percentage points over benchmarks
Proceeds are earmarked for 2 purposes:
1) Refinancing existing bridge loans to fixed long-term institutional bonds
2) Bankrolling expansion into AI infrastructure & next-gen rocket programs
Total Debt:
$30.6B (
$20B at interest rate: 4.58% - Maturity Date: Sept 2, 2027 )
Total Cash:
$109.4B [pre-IPO cash:
$23.7B + ex-IPO proceeds:
$85.7B]
S&P: BBB w/ stable outlook
Moodys: Baa1 w/ stable outlook
Fitch: BBB+ w/ stable outlook
S3: Short interest: 5%-7% of float
