Tailwind Two Acquisition Corp. (TWNT) Amends Terran Orbital Deal Terms
by Nicholas Alan Clayton on 2022-03-16 at 8:54am

Tailwind Two (NYSE:TWNT) has amended its combination agreement with satellite manufacturer Terran Orbital with key tweaks for the transaction’s closure.

The largest change is a requirement that the SPAC not incur redemptions of 85% or more. The 23 SPACs that have completed transactions in 2022 and held their last vote this year faced redemptions of 83.8% on average, so this could be a close shave if Tailwind Two follows the recent trend.

The changes also remove a requirement that Terran Orbital hold no more than $40 million in net debt at the transaction’s close. At announcement, the deal foresaw Tailwind Two drawing on $75 million in term loans while repaying $70 million in past debt. So, this change could be a recognition of the possibility of lower proceeds for debt paydowns, but could also open the door for Tailwind Two to shore things up with new financing arrangements.

Tailwind Two shareholders are set to meet to vote on the transaction March 22, but the redemption deadline is Friday, March 18, so the parties should have a feel of the situation before the week is out.

The market has so far been encouraged by the deal changes with Tailwind Two trading up about 0.1% to $9.93 in the premarket. This is below its estimated pro rata trust value of $10.00, but nonetheless higher than much of the field of SPACs at a similar stage working towards close.

Tailwind Two initially announced its $1.6 billion combination with Terran Orbital on October 28. The Boca Raton, Florida-based company provides small satellite solutions for military, intelligence community, civil and commercial customers. 

 

Tailwind Two Acquisition Corp. (TWNT) Amends Terran Orbital Deal Terms
Recent Posts
by Nicholas Alan Clayton on 2025-07-03 at 12:54pm

Crown PropTech (OTC:CPTKW) has entered into a definitive agreement to combine with rare earth mining firm Mkango Resources (TSX-V:MKA) at a pre-money equity value of $400 million. London-based Mkango is working to commercialize a chain of rare earth mining and refining facilities in Africa and Europe. The combined company is expected to trade on the...

by Nicholas Alan Clayton on 2025-07-03 at 8:27am

At the SPAC of Dawn One of the biggest sources of uncertainty in the SPAC market in recent years has been regulatory changes, but new shifts could be in its favor. SEC Chairman Paul Atkins told CNBC yesterday that the commission would review the rules for SPACs after “rather controversial” changes to the rules passed...

by Nicholas Alan Clayton on 2025-07-02 at 12:13pm

McKinley Acquisition Corporation (NASDAQ:MKLYU) has filed for a $150 million SPAC to hunt for an innovative target company with an experienced financial team that has dabbled in SPACs before. The new SPAC is offering investors one right to a 1/10 share in each unit with no overfunding of the trust, but it could provide a...

by Nicholas Alan Clayton on 2025-07-02 at 8:29am

At the SPAC of Dawn The rain of SPACs has continued with four expected to make their debuts during today’s trading sessions after pricing their IPOs overnight. The largest of these, EQV Ventures II (NASDAQ:EVACU), even managed an upsize, making it the largest SPAC IPO since Ares II (NYSE:AACT) pulled together $450 million in 2023....

by Nicholas Alan Clayton on 2025-07-02 at 6:28am

EQV Ventures II (NASDAQ:EVACU) announced the pricing of its upsized $420 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “EVACU”, Wednesday, July 2, 2025. The new SPAC plans to merge with an energy target involved in upstream exploration or production. EQV II’s management team is led by...

logo

Copyright © 2025 SPACInsider, Inc. All Rights Reserved