B. Riley Serves as Advisor to NextNav, Inc. on $50 Million Debt Financing
May 16, 2023
Source: B. Riley Securities, Inc.
LOS ANGELES, May 16, 2023 – B. Riley Securities, Inc. ("B. Riley"), a leading middle market investment bank, is pleased to have served as exclusive financial advisor to NextNav, Inc. (Nasdaq: NN) in connection with its recently completed $50 million debt financing through a private offering of senior secured first lien notes to a group of lenders including Whitebox Advisors LLC, Susquehanna International Group, and Clutterbuck Capital Management. The lenders will also have the exclusive option to purchase an additional $20 million of notes on the same terms for 30 days following the close.
"Our ability to secure multiple years of financing with modest equity dilution is a testament to the value of our asset base and resilient PNT capabilities," said Ganesh Pattabiraman, NextNav Co-founder and CEO. "We are very pleased to have a strong syndicate of blue-chip lenders who are aligned with our vision for NextNav. This new funding provides significant runway to actualize our strategic priorities, and efficiently maximize the full value of our asset-rich platform for shareholders and customers."
B. Riley's deal team was led by Ryan Bernath and included Craig Krinbring and Erik Bullock. For more information on the transaction, click here.
NextNav is a leader in next generation GPS, utilizing its wireless spectrum coverage, intellectual property and deployed network systems (such as its Pinnacle and TerraPoiNT networks) to transform location services. For more information about NextNav, visit https://nextnav.com.
About B. Riley Securities
B. Riley has served as a preeminent fixture in small and middle market brokerage and investment banking for over 25 years. We provide a full suite of investment banking and capital markets services to companies, financial sponsors, and institutional investors across all industry verticals. Investment banking services include initial, secondary and follow-on offerings, institutional private placements, merger and acquisition (M&A) advisory, SPACs, corporate restructuring and recapitalization. Widely recognized for our thematic proprietary equity research, clients benefit from B. Riley's extensive network, industry expertise, and proven execution capabilities of our end-to-end financial services platform. Please see disclosures about B. Riley Securities Research here. B. Riley Securities is a subsidiary of B. Riley Financial (Nasdaq: RILY). For more information, visit www.brileysecurities.com.
"Our ability to secure multiple years of financing with modest equity dilution is a testament to the value of our asset base and resilient PNT capabilities," said Ganesh Pattabiraman, NextNav Co-founder and CEO. "We are very pleased to have a strong syndicate of blue-chip lenders who are aligned with our vision for NextNav. This new funding provides significant runway to actualize our strategic priorities, and efficiently maximize the full value of our asset-rich platform for shareholders and customers."
B. Riley's deal team was led by Ryan Bernath and included Craig Krinbring and Erik Bullock. For more information on the transaction, click here.
NextNav is a leader in next generation GPS, utilizing its wireless spectrum coverage, intellectual property and deployed network systems (such as its Pinnacle and TerraPoiNT networks) to transform location services. For more information about NextNav, visit https://nextnav.com.
About B. Riley Securities
B. Riley has served as a preeminent fixture in small and middle market brokerage and investment banking for over 25 years. We provide a full suite of investment banking and capital markets services to companies, financial sponsors, and institutional investors across all industry verticals. Investment banking services include initial, secondary and follow-on offerings, institutional private placements, merger and acquisition (M&A) advisory, SPACs, corporate restructuring and recapitalization. Widely recognized for our thematic proprietary equity research, clients benefit from B. Riley's extensive network, industry expertise, and proven execution capabilities of our end-to-end financial services platform. Please see disclosures about B. Riley Securities Research here. B. Riley Securities is a subsidiary of B. Riley Financial (Nasdaq: RILY). For more information, visit www.brileysecurities.com.
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