Mynaric AG ("Mynaric") is leading the industrial revolution of laser communications by producing optical communications terminals for air, space and mobile applications. Laser communication networks provide connectivity from the sky, allowing for ultra-high data rates and secure, long-distance data transmission between moving objects for wireless terrestrial, mobility, airborne- and space-based applications. The company supports some of the US Government’s most high-profile programs, such as the SDA’s Proliferated Warfighter Space Architecture satellite constellation and serves as a strategic supplier to leading commercial Aerospace & Defense customers. The company is headquartered in Munich, Germany, with additional locations in Los Angeles, California, and Washington, D.C.
Mynaric, which had faced delays in its research & development and production ramp up, engaged Candlewood to serve as the exclusive financial advisor to assist the c ompany in reaching a restructuring deal with its noteholders, as well as raising incremental funding to support the operations of the business going forward.
Candlewood supported the company throughout the transaction, including facilitating ongoing discussions with the existing debtholders, the structuring of incremental bridge financing, and negotiation of financing-related documentation. The resulting transaction included a waiver of the existing $105.5 million loan, as well as accrued interest and exit fees, and a subsequent €50 million investment by the debtholders to support the company’s operations going forward. Through use of the German Corporate Stabilization and Restructuring Act (“StaRUG”), Mynaric cancelled all existing equity interests, delisted its shares on the Frankfurt Stock Exchange and NASDAQ, and effectively converted its existed secured noteholders to 100% owners of its common shares.
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Candlewood Partners, LLC
Established 2001
