Mynaric AG Secures Financial Lifeline Amid Restructuring Efforts

Mynaric AG has announced a series of financial agreements aimed at easing its current economic challenges. The company has secured a new USD 28 million bridge loan, extended the maturity of three existing loans, and arranged a USD 25 million restructuring loan. These measures are aligned with a financial reorganization under Germany's StaRUG framework.

The USD 28 million bridge loan, provided by funds affiliated with PIMCO, is designed to support Mynaric's operational needs while it navigates these proceedings. This loan matures in February 2031 and carries a 4.5% annual interest rate. The three existing loans, totaling USD 21.5 million, will now mature in mid-2025.

In a further step, a restructuring loan agreement has been reached to cover production and operational costs, guaranteed by Mynaric and its subsidiaries. This loan, carrying an 8% interest rate, is set to mature at the end of 2028.

Mynaric's restructuring plan involves a significant debt waiver by its lenders, contingent upon a substantial capital reduction and subsequent capital increase to facilitate the company's financial stabilization.