BlackSky Technology Inc. announced its intention to offer $125 million principal amount of Convertible Senior Notes due 2033 in a private offering to qualified institutional buyers. The company also intends to grant the initial purchasers an option to purchase up to an additional $18.75 million principal amount of notes.
The notes will be general unsecured obligations of BlackSky and will accrue interest payable semiannually. Upon conversion, BlackSky will pay or deliver cash, shares of its Class A common stock, or a combination, at its election.
BlackSky intends to use approximately $103.1 million of the net proceeds to repay outstanding borrowings under its secured term loan facility and approximately $10.2 million to repay its secured revolving credit facility. The remainder of the net proceeds will be used for general corporate purposes, including working capital, operating expenses, capital expenditures, and strategic investments.
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