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NextNav Announces $190 Million of 5% Redeemable Senior Secured, Convertible Transaction

Provided By GlobeNewswire

Last update: Mar 12, 2025

New Investment Led by M-Cor Capital, LLC and Fortress Investment Group

Existing 10% Senior Secured Notes to be Redeemed

RESTON, Va., March 12, 2025 (GLOBE NEWSWIRE) -- NextNav Inc. (the "Company" or “NextNav”) [NASDAQ: NN], a leader in next-generation positioning, navigation, and timing (“PNT”) and 3D geolocation, today announced it had entered into a purchase agreement for the sale of $190 million of 5% redeemable senior secured convertible notes (the “New Notes”). The New Notes will mature on June 30, 2028, and approximately $70 million of the proceeds from this issuance will be used to redeem NextNav’s existing 10% Senior Secured Notes due December 1, 2026 (the “10% Notes”) and pay accrued interest. The New Notes transaction was led by M-Cor Capital, LLC, the investment arm of the Milken Family Office (“M-Cor Capital”), funds managed by affiliates of Fortress Investment Group (“Fortress” or “Fortress funds”) (collectively, the “Lead Investors”), and other new and existing investors.

Read more at globenewswire.com

NEXTNAV INC

NASDAQ:NN (6/10/2025, 11:29:56 AM)

12.34

+0.01 (+0.08%)


NEXTNAV INC

NASDAQ:NNAVW (6/9/2025, 8:00:02 PM)

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+0.21 (+4.44%)



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