SpaceX starts first investment-grade bond sale targeting $20 billion
Why it matters: The deal would refinance a bridge loan that makes up most of SpaceX's $29.1 billion in long-term debt.
SpaceX has begun marketing its first investment-grade bond sale, seeking to raise at least $20 billion after its record $75 billion IPO. The company said in a filing that it launched an inaugural offering of senior unsecured notes, subject to market conditions. Proceeds are expected to refinance a temporary bridge loan of roughly the same size, which accounts for the bulk of SpaceX's $29.1 billion in long-term debt. Moody's rated the debt Baa1, Fitch assigned BBB+, and S&P gave it a BBB rating, clearing the way for lower borrowing costs. Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase and Morgan Stanley are arranging investor calls.