Goldman Sachs to Underwrite $20 Billion SpaceX Bond to Refinance Bridge Loan
GS•Goldman Sachs is preparing to underwrite SpaceX’s inaugural investment-grade bond sale of at least $20 billion to refinance its September 2027 $20 billion bridge loan. SpaceX carried $29.1 billion of long-term debt at end of March and has obtained investment-grade ratings from three major credit agencies.
1. Underwriting Preparation
Goldman Sachs, Bank of America, Citigroup, JPMorgan Chase and Morgan Stanley are coordinating investor calls next week to launch SpaceX’s first investment-grade bond offering.
2. Bond Details and Purpose
The sale is slated to issue at least $20 billion of U.S. dollar bonds to refinance a $20 billion bridge loan maturing September 2027 and establish a public debt track record.
3. SpaceX Debt Profile
As of March 31, SpaceX held $29.1 billion in long-term debt and has secured investment-grade ratings from three major credit agencies to reduce future borrowing costs.
4. Implications for Goldman Sachs
Leading a landmark $20 billion underwriting could generate substantial fees for Goldman Sachs and bolster its standing in the investment banking pipeline for large corporate borrowers.
