Loan of the Week Snapshot #122

👓At a Glance

Borrower: Voyager Space Holdings

Lender: Hercules Capital

Deal Size: $58 million

Structure: Single tranche structured term loan

Use of Proceeds: Refinance existing bank revolving line and term loan

📷Borrower Snapshot

Sector: Industrials

Subsector: Aerospace and Defense

Ownership: Currently Private (S-1 filed June 2, 2025)

Commercial Stage: Revenue generating; EBITDA (-) LTM

Business Overview: Voyager Space is a vertically integrated space infrastructure and technology company focused on advancing U.S. leadership in the commercial space economy. The company is best known for developing Starlab, a next-generation low-Earth orbit space station in collaboration with Airbus, Mitsubishi, and Palantir. Through its portfolio of subsidiaries and strategic partnerships, Voyager offers spacecraft development, mission operations, engineering services, and national security solutions. With over $270 million in U.S. government contracts to date, Voyager is positioning itself as a key player in the post-ISS era of commercial space exploration.

⚙️Structure & Terms

Source: SEC S-1

Commitment Amount: $58.0 million

Borrowing Base Limit: if qualified cash falls below $30 million, the outstanding loan balance is governed by a borrowing base limit as follows:

• Prior to achievement of $40 million equity financing milestone, with respect to the fiscal quarters ending December 31, 2024, March 31, 2025, and June 30, 2025, 1.45 multiplied by T6MA Gross Profit, (ii) with respect to the fiscal quarters ending on September 30, 2025 and December 31, 2025, 1.25 multiplied by T6MA Gross Profit and (iii) with respect to fiscal quarter ending March 31, 2026 and each fiscal quarter thereafter, 1.00 multiplied by T6MA Gross Profit
• After Borrower’s achievement of the Equity Milestone, (i) with respect to the fiscal quarters ending December 31, 2024, March 31, 2025, and June 30, 2025, 1.50 multiplied by T6MA Gross Profit, (ii) with respect to the fiscal quarters ending on September 30, 2025 and December 31, 2025, 1.25 multiplied by T6MA Gross Profit and (iii) with respect to fiscal quarter ending March 31, 2026 and each fiscal quarter thereafter, 1.00 multiplied by T6MA Gross Profit

Interest-only Period:

• July 1, 2026 unless first interest only extension conditions are satisfied, then July 1, 2027
  • first interest only extension condition = achievement of $55 million of LTM gross profit and at least $10 million of LTM EBITDA prior to 12/31/2025
• July 1, 2028 if the second interest only extension conditions are satisfied
  • second interest only extension condition = achievement of $72 million of LTM gross profit and at least $20 million of LTM EBITDA prior to 12/31/2026

Maturity: July 1, 2028

Interest Rate: Variable - Prime Rate + 1.25%; Prime floor of 8.50%

Deferred Additional Interest Rate: 2.50%

Fees:

• Diligence Fee - $50,000
• Commitment Fee - 1.0%
• End of Term Fee - 5.50%
• Prepayment Fee - 3% in year 1, 2% in year 2, 1% thereafter

Covenants:

• Minimum Qualified Cash
  • Prior to equity milestone - $15.0 million
  • After equity milestone - $12.5 million

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