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NEW YORK (LPC) – Rocket and spacecraft company Elon Musk, SpaceX, announced Wednesday setting a price for a $ 750 million term loan that would put money into the balance sheet of the company, said two sources.
The company has proposed prices ranging from 400 to 425bp above the Libor, with a floor of 0% and a discount of 99%. The loan will benefit from an appeal protection of six months to 101.
Bank of America Merrill Lynch is in the lead. The commitments are due on November 16th.
SpaceX is closely monitoring the company's financial data as it markets the transaction among potential investors.
However, this secret did not deter the interest of the investment community.
"It's a new world," said a loan investor. "I think some companies in this new economy are really interesting and that's why you see Uber, WeWork and even Tesla to some extent able to align with their debts."
SpaceX is based in Hawthorne, California and employs more than 6,000 people. Elon Musk, the general manager of Tesla, founded the company in 2002 with the goal of helping humans live on other planets.
SpaceX declined to comment. BAML did not immediately return a request for comment.
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