MDA SPACE ANNOUNCES OFFERING OF C$250 MILLION SENIOR UNSECURED NOTES DUE 2030

Executive Summary

• MDA Space priced a C$250 million private placement of 7.00% senior unsecured notes due 2030, expected to close around December 23, 2025.
• Proceeds will be used to refinance existing indebtedness under the company’s credit facility.
• The offering is supported by an amended and restated credit agreement that permits the issuance and provides a C$150 million accordion feature, potentially expanding total facilities to C$850 million.

Key Details

• Notes Issuance: C$250 million aggregate principal amount; 7.00% interest payable semi‑annually (June 23 & Dec 23); issued at par (C$1,000 per C$1,000 principal).
• Closing Date: Anticipated on or about December 23, 2025, subject to customary conditions.
• Underwriters: Syndicate led by RBC Capital Markets, BMO Capital Markets and Scotiabank.
• Credit Agreement (Nov 25, 2025): Second Amended & Restated Credit Agreement for Neptune Operations Ltd.; permits the note offering; includes a C$150 million accordion feature at lenders’ discretion, allowing total facilities up to C$850 million; maturity extended to Nov 25, 2030 with an accelerated maturity clause if notes are not refinanced ≥6 months before that date.
• Use of Proceeds: Net proceeds will refinance existing senior indebtedness under the Credit Agreement, enhancing liquidity and capital structure flexibility.
• Offering Structure: Private placement to accredited investors in Canada; Rule 144A qualified institutional buyers in the U.S.; offshore transactions under Regulation S.

Notable Quotes

“We are pleased with the strong market demand for our notes. This new unsecured note offering and the refinancing of our existing senior facility reflects a strategic and timely evolution of the MDA Space capital structure. The refinancing provides flexibility and liquidity as we continue to pursue market growth opportunities,” – Guillaume Lavoie, Chief Financial Officer, MDA Space.