Milbank LLP advised UBS Securities LLC, Barclays Capital Inc., BofA Securities, Inc. and the other joint bookrunning managers, as well as the co-managers, in connection with the private offering (the “convertible notes offering”) of $1.15 billion aggregate principal amount of 2.00% convertible senior notes due 2036 (the “notes”) by AST SpaceMobile, Inc. (“AST SpaceMobile”) (NASDAQ: ASTS). The size of the convertible notes offering was increased from a base size of $850 million to $1 billion aggregate principal amount of notes and included the exercise in full of the option granted to initial purchasers to purchase up to $150 million aggregate principal amount of the notes.
Milbank also advised UBS Securities LLC as placement agent in connection with the concurrent registered direct offering of shares of AST SpaceMobile’s Class A common stock. AST SpaceMobile used the net proceeds of approximately $160.2 million from the registered direct offering to repurchase $50 million principal amount of its outstanding 4.25% convertible senior notes due 2032 in separate, privately negotiated transactions with a limited number of investors.
The Milbank deal team was led by Transportation and Space partner and Space Business practice leader Dara Panahy and Corporate Finance and Securities partner Brett Nadritch, with support from associates Abir Varma, Alyssa Julian, Kendall Langs, Heaven Johnson and Jordan Gunning. The team also included Transportation and Space associates Brian Murff and Cara Cavanaugh.
