Terran Orbital combines with $175.3 million of gross debt financings

Chicago, March 25 – Newly renamed Terran Orbital Corp., a SPAC business combination of Tailwind Two Acquisition Corp. and Terran Orbital Corp., closed on its merger, according to a press release.

Financing for the transaction included $175.3 million of gross debt financings provided by Francisco Partners, Beach Point Capital and Lockheed Martin.

Non-debt financing came from $80.2 million of gross equity proceeds from Tailwind Two’s cash-in-trust ($29.4 million) and a private placement (PIPE) of ordinary shares ($50.8 million) with participation from AE Industrial Partners, long-term Terran Orbital investor Beach Point Capital, Daniel Staton, Lockheed Martin and Fuel Venture Capital.

As a condition for the closing of the merger, the funding provided by Francisco Partners was waived by the respective parties.

Jefferies served as sole placement agent on the PIPE and exclusive capital markets adviser to Tailwind Two. Goldman Sachs served as financial adviser to Tailwind Two. Houlihan Lokey provided additional financial advice to Tailwind Two.

Jefferies served as exclusive financial adviser and capital markets adviser to Terran Orbital.

Kirkland & Ellis LLP acted as legal counsel to Tailwind Two and Akin Gump Strauss Hauer & Feld LLP acted as legal counsel to Terran Orbital.

Tailwind Two was a blank-check company. Terran Orbital is a small satellite manufacturer serving the U.S. aerospace and defense industry.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.