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M-Cor Capital to Invest in NextNav Notes Offering
- Client News
- March 12, 2025
Practices
Paul, Weiss is advising M-Cor Capital, LLC, the investment arm of the Milken Family Office, in its $50 million investment in the $190 million private placement of 5.00% senior secured convertible notes due 2028 to be issued by NextNav Inc., a leader in next-generation positioning, navigation and timing and 3D geolocation. Under the terms of the transaction, funds managed by affiliates of Fortress Investment Group and other new and existing investors will also purchase the notes. Approximately $70 million of the proceeds will be used to redeem NextNav’s existing 10% senior secured notes due 2026 and pay accrued interest thereon.
The transaction is expected to close on or about March 31, subject to certain closing conditions. Upon closing, M-Cor Capital and Fortress Investment Group will also receive warrants to purchase shares of NextNav common stock.
The Paul, Weiss team was led by corporate partner Luke Jennings and included partners Udi Grofman, Raphael Russo, Aaron Schlaphoff and Adam Longenbach and counsel David Sobel and Matthew Zweig; and tax partner Lindsay Parks.