TSL Express Daily News

MUNICH, GERMANY / ACCESSWIRE / March 14, 2024 / Mynaric AG (NASDAQ:MYNA; ISIN: US62857X1019)(FRA:M0YN; ISIN: DE000A31C305) (the "Company") today decided on an amendment to its existing US$75 million loan agreement with its US-based lenders, which are funds affiliated with a U.S.-based global investment management firm (the "Lenders"), to increase the borrowing capacity on the loan agreement by US$20 million utilizing a delayed draw facility provided on substantially the same terms and conditions as the existing term loan facility. As is the case for the existing term loan facility, the borrower under the delayed draw facility will be the Company's wholly-owned subsidiary, Mynaric USA Inc.

The US$20 million delayed draw facility is available until September 2025 and, as is the case for the existing term loan facility, loans drawn thereunder will be guaranteed by the Company and each of its subsidiaries, and will be secured by a security interest in substantially all of the assets of the borrower and each of the guarantors. Loans under the delayed draw facility will bear interest at the same rate as is applicable to loans under the existing term loan facility, namely a rate equal to the Term Secured Overnight Financing Rate (SOFR) for a 3-month tenor or, at the option of the borrower, a certain alternative base rate (subject, in each case, to a 2% floor), plus a margin of 10% or 9%, respectively, and just as is the case for the existing term facility, up to 300 basis points of interest payable on or prior to the first interest payment date occurring on or after April 25, 2025 may be paid in kind by increasing the principal amount of the loans.

The additional liquidity under the amended loan agreement that is expected to become effective today will be fully available thereafter (subject to satisfaction of customary drawdown conditions at the time of any draw, including payment of a 2% original issue discount at the time of any such draw) and is expected to be drawn down as needed to support the Company's working capital requirements and other general corporate purposes.

About Mynaric

Mynaric (NASDAQ: MYNA) (FRA: M0YN) is leading the industrial revolution of laser communications by producing optical communications terminals for air, space and mobile applications. Laser communication networks provide connectivity from the sky, allowing for ultra-high data rates and secure, long-distance data transmission between moving objects for wireless terrestrial, mobility, airborne- and space-based applications. The company is headquartered in Munich, Germany, with additional locations in Los Angeles, California, and Washington, D.C. For more information, visit mynaric.com.