On August 14, 2023, AST & Science, LLC (“AST”), as borrower, and AST SpaceMobile, Inc. (Nasdaq: ASTS) (“SpaceMobile”), as parent, announced the closing of its new $100 senior term loan facility (the “Term Loan Facility”) with Atlas Credit Partners, of which approximately $50 million was funded at closing. The Term Loan Facility permits AST to request additional commitments of up to approximately $50 million.

Proceeds from the Term Loan Facility will be used to fund an interest escrow account, growth investments and for general corporate purposes, to pay the fees and expenses in connection with the Term Loan Facility and to fund the insurance premiums and taxes.

AST’s obligations under the Term Loan Facility are secured by substantially all of the assets of AST and certain of its subsidiaries that also guarantee the Term Loan Facility, as well as SpaceMobile’s equity interests in AST.

Baker Botts L.L.P. represented Atlas Credit Partners in the transaction.

Atlas Credit Partners is an asset management firm specializing in credit investing and partnering directly with middle market growth companies. Atlas Credit Partners provides minimally-dilutive capital solutions to managements teams to facilitate transition, accelerate growth and create long-term value for stakeholders.

AST is a designer and manufacturer of satellites, building the first and only satellites designed to deliver broadband from space directly to consumer smartphones.

Baker Botts Lawyers/Office Involved:

Finance: Luke Weedon (Partner, Dallas); Clinton Culpepper (Partner, Austin); Regan Vicknair (Associate, Houston); Morgan Copher (Associate, Dallas)

Tax: Jon Lobb (Partner, Houston); Jordan Hahn (Senior Associate, Dallas)

ABOUT BAKER BOTTS L.L.P.
Baker Botts is an international law firm whose lawyers practice throughout a network of offices around the globe. Based on our experience and knowledge of our clients' industries, we are recognized as a leading firm in the energy, technology and life sciences sectors. Since 1840, we have provided creative and effective legal solutions for our clients while demonstrating an unrelenting commitment to excellence. For more information, please visit bakerbotts.com.