L.O.T.W. #122 - Voyager Technologies - S-1 filing reveals detail of structured credit facility
$58.0 million single tranche structured term loan refinances existing credit facility and bolsters balance sheet alongside Series C
Voyager Technologies (NYSE: VOYG) refinances bank originated credit revolving line and term loan with a $58 million structured term loan provided by Hercules Capital.
👓At a Glance
Borrower: Voyager Space Holdings
Lender: Hercules Capital
Deal Size: $58 million
Structure: Single tranche structured term loan
Use of Proceeds: Refinance existing bank revolving line and term loan
📷Borrower Snapshot
Sector: Industrials
Subsector: Aerospace and Defense
Ownership: Currently Private (S-1 filed June 2, 2025)
Commercial Stage: Revenue generating; EBITDA (-) LTM
Business Overview: Voyager Space is a vertically integrated space infrastructure and technology company focused on advancing U.S. leadership in the commercial space economy. The company is best known for developing Starlab, a next-generation low-Earth orbit space station in collaboration with Airbus, Mitsubishi, and Palantir. Through its portfolio of subsidiaries and strategic partnerships, Voyager offers spacecraft development, mission operations, engineering services, and national security solutions. With over $270 million in U.S. government contracts to date, Voyager is positioning itself as a key player in the post-ISS era of commercial space exploration.
⚙️Structure & Terms
Source: SEC S-1
Commitment Amount: $58.0 million
Borrowing Base Limit: if qualified cash falls below $30 million, the outstanding loan balance is governed by a borrowing base limit as follows:
Prior to achievement of $40 million equity financing milestone, with respect to the fiscal quarters ending December 31, 2024, March 31, 2025, and June 30, 2025, 1.45 multiplied by T6MA Gross Profit, (ii) with respect to the fiscal quarters ending on September 30, 2025 and December 31, 2025, 1.25 multiplied by T6MA Gross Profit and (iii) with respect to fiscal quarter ending March 31, 2026 and each fiscal quarter thereafter, 1.00 multiplied by T6MA Gross Profit
After Borrower’s achievement of the Equity Milestone, (i) with respect to the fiscal quarters ending December 31, 2024, March 31, 2025, and June 30, 2025, 1.50 multiplied by T6MA Gross Profit, (ii) with respect to the fiscal quarters ending on September 30, 2025 and December 31, 2025, 1.25 multiplied by T6MA Gross Profit and (iii) with respect to fiscal quarter ending March 31, 2026 and each fiscal quarter thereafter, 1.00 multiplied by T6MA Gross Profit
Interest-only Period:
July 1, 2026 unless first interest only extension conditions are satisfied, then July 1, 2027
first interest only extension condition = achievement of $55 million of LTM gross profit and at least $10 million of LTM EBITDA prior to 12/31/2025
July 1, 2028 if the second interest only extension conditions are satisfied
second interest only extension condition = achievement of $72 million of LTM gross profit and at least $20 million of LTM EBITDA prior to 12/31/2026
Maturity: July 1, 2028
Interest Rate: Variable - Prime Rate + 1.25%; Prime floor of 8.50%
Deferred Additional Interest Rate: 2.50%
Fees:
Diligence Fee - $50,000
Commitment Fee - 1.0%
End of Term Fee - 5.50%
Prepayment Fee - 3% in year 1, 2% in year 2, 1% thereafter
Covenants:
Minimum Qualified Cash
Prior to equity milestone - $15.0 million
After equity milestone - $12.5 million