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SEC filingFirefly Aerospace amended its Credit Agreement to increase its senior secured revolving credit facility by $45 million to $305 million, raised the interest spread by 0.25%, removed the minimum free cash flow covenant, and tightened the minimum liquidity covenant to $381.25 million, while Marc Weiser resigned from the Board effective April 2, 2026.
The amendment to Firefly’s Credit Agreement represents a significant financing event with dual implications: it expands available liquidity by $45 million to $305 million, supporting ongoing operational and developmental capital needs, but simultaneously increases borrowing costs and tightens liquidity discipline. The removal of the minimum free cash flow covenant suggests improved operational flexibility or reduced near-term pressure on cash generation, while the new $381.25 million minimum liquidity requirement — substantially higher than the facility size itself — signals heightened lender scrutiny and likely reflects the Company’s capital-intensive development stage and path to orbital readiness. The maturity date of August 2028 provides runway, but the elevated liquidity floor implies lenders expect sustained cash preservation through key milestones. Separately, Marc Weiser’s resignation is a routine board refresh without indication of strategic discord or governance concern; his departure does not trigger succession disclosures or compensation details, underscoring its procedural nature. Together, these developments reflect a company actively managing its capital structure amid growth investment, balancing expanded access to funds with stricter financial guardrails — a dynamic investors will monitor closely against upcoming mission execution and revenue ramp timelines.