Satellite maker Terran Orbital to go public in SPAC deal with Tailwind Two

Orbital

29/10/2021 13:22

** Shares of blank-check co Tailwind Two Acquisition Corp
 TWNT.N  up 2.5% at $10.14 premarket on merger news
    ** Satellite maker Terran Orbital agrees to go public in
$1.58 bln SPAC deal with TWNT  urn:newsml:reuters.com:*:nPn22Wp3Ka
    ** Deal to provide Terran $470 mln, including $50 mln PIPE
(private investment in public equity), and up to additional $125
mln in debt commitments upon closing, anticipated in Q1 2022
    ** Combined co to be named Terran Orbital Corporation,
expected to list on NYSE under new ticker "LLAP"
    ** Backed by Lockheed Martin Corp  LMT.N , Florida-based
Terran's customers include NASA, the U.S. Defense Department and
EchoStar Corp  SATS.O , satellite and internet communication
services provider
    ** TWNT, which listed in March, is led by Casper Sleep Inc
 CSPR.N  CEO Philip Krim (See filing https://www.sec.gov/Archives/edgar/data/1835512/000110465921033269/tm2038257-7_424b4.htm)
    ** SPACs are shell cos that raise funds intending to merge
with a private co, typically within two years, to take the
private entity public

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))