Ast Spacemobile Inc.
AST SpaceMobile Subsidiary Enters into $420M Loan Agreement with UBS AG
Summary
AST SpaceMobile, Inc.'s subsidiary, BackstopCo, LLC, has entered into a $420.0 million term loan facility with UBS AG, Stamford Branch as lender. The loan, which bears interest at a floating rate of Term SOFR plus 2.0% per annum, matures on October 31, 2028. The Loan Facility is secured by a first-priority lien on BackstopCo's assets, with AST LLC acting as a limited guarantor under certain conditions. AST SpaceMobile, Inc. is not liable for the Loan Facility.
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About Ast Spacemobile Inc.
Ast Spacemobile Inc. is an innovative telecommunications company focused on transforming mobile connectivity through satellite technology. The company's primary mission is to develop and deploy the first and only space-based cellular broadband network directly accessible by standard mobile phones. This groundbreaking initiative aims to eliminate connectivity gaps in remote and underserved areas worldwide, significantly enhancing global communication networks. Ast Spacemobile Inc. is crucial to sectors like remote communications, emergency services, and developing markets where traditional cellular infrastructure is challenging to implement. With its headquarters in Midland, Texas, the company is at the forefront of marrying terrestrial mobile networks with satellite solutions, marking a significant shift in how broad-area coverage can be achieved. Their endeavor represents a pivotal advancement in the telecommunications industry, likely impacting global connectivity dynamics by extending the reach of mobile network operators beyond conventional terrestrial limitations.
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