Goodwin’s Capital Markets team advised Rocket Lab USA,
Inc. (“Rocket Lab”) on its Rule 144A offering of 4.250%
convertible senior notes due 2029. The $355.0 million offering was
upsized from $275.0 million and includes the full exercise of the
initial purchasers’ option to purchase $55.0 million in
additional notes. The initial conversion price of the notes
features a premium of approximately 27.5% up from the reference
price of $4.02 per share. In connection with the offering, Rocket
Lab and certain investment bank dealers entered into capped call
transactions, which mitigate equity dilution and/or offset payments
due upon conversion of the notes and effectively raise the
conversion price of the notes to $8.04 per share, a 100% premium
over the reference price.
Rocket
Lab is a global leader in launch and space systems. Rocket
Lab’s Electron launch vehicle is the second most frequently
launched U.S. rocket annually and has delivered more than 176
satellites to orbit for commercial and Government partners,
including NASA, the U.S. Air Force, DARPA and the NRO.
Goodwin’s product team consisted of Jim Barri, John Servidio, Kim De Glossop and Patrick Wilson. The corporate team consisted of
Stuart Ogg, Sne Sadhu and Rylee Sherouse. Daniel Karelitz and Garrett Gaughan provided tax advice.
For more information, please see Rocket Lab’s pricing press release for the offering.
We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.