BlackSky Technology to offer $125M in convertible senior notes; shares down nearly 26%

BlackSky Technology (NYSE:BKSY) announced a proposed private offering of $125M in convertible senior notes due 2033.

Initial purchasers will have a 13-day option to buy up to an additional $18.75M in notes.

Proceeds will be used to repay and terminate existing debt—~$103.1M for a secured term loan and $10.2M for a revolving credit facility—with remaining funds allocated to general corporate purposes.

BKSY shares fall nearly 26% post-market on Thursday. 

Source: Press release