| Related Party Transactions |
14. Related Party Transactions
A summary of the Company’s related party transactions during the six months ended June 30, 2023 is presented below:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amount Due to Related Party as of |
|
|
|
|
June 30, |
|
December 31, |
|
|
|
|
2023 |
|
2022 |
| Name |
Nature of Relationship |
Description of the Transactions |
|
(in thousands) |
| Seahawk |
Debt Issuer and subsidiary of Thales Alenia Space |
In 2019, the Company raised and converted $18.4 million from prior debt into new, outstanding debt and issued 13.5 million warrants to purchase Legacy BlackSky common stock. |
|
$ |
21,727 |
|
|
$ |
20,787 |
|
| Intelsat |
Debt Issuer |
In 2019, the Company entered into a term loan facility for $50.0 million and issued 20.2 million warrants to purchase Legacy BlackSky common stock. |
|
58,895 |
|
|
56,345 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amount Due to Related Party as of |
|
|
|
Total Payments in the Six Months Ended June 30, |
|
June 30, |
|
December 31, |
|
Nature of Relationship |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
| Name |
Description of the Transactions |
(in thousands) |
| LeoStella |
Joint Venture with Thales Alenia Space |
The Company owns 50% of LeoStella, its joint venture with Thales. The Company contracts with LeoStella for the design, development and manufacture of satellites to operate its business. |
$ |
11,325 |
|
|
$ |
17,149 |
|
|
$ |
2,231 |
|
|
$ |
3,728 |
|
| X-Bow |
Equity Method Investee |
In 2017, the Company received stock in X-Bow. As of June 30, 2023, the Company had a less than 20% investment in X-Bow and had one Board seat. The Company has engaged X-Bow to develop a rocket for the Company. |
— |
|
— |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
| Ursa Space Systems |
Strategic Partner |
The chairman of the Company’s board of directors, Will Porteous, is also an investor and member of the board of directors of Ursa Space Systems. The Company has a non-cancelable operational commitment with Ursa Space Systems. |
250 |
|
|
333 |
|
|
— |
|
|
— |
|
| Thales Alenia Space |
Shareholder and Parent of Wholly-owned Subsidiary, Seahawk (Debt Issuer) |
Design, development and manufacture of telescopes. |
3,464 |
|
|
5,163 |
|
|
658 |
|
|
693 |
|
On May 9, 2023, BlackSky and its subsidiaries entered into an Amendment to its Amended and Restated Loan and Security Agreement with Intelsat and Seahawk, dated October 31, 2019 and previously amended on September 9, 2021. The Company incurred $0.4 million of offering costs to related parties in relation to the Amendment. See Note 8 for information regarding the Amendment. Interest on the term loan facility is accrued and is due semi-annually. No significant interest payments were made in the six months ended June 30, 2023 or 2022. As of June 30, 2023, the Company had interest due to related parties of $0.3 million that was included in other liabilities; as of December 31, 2022, the Company had interest due to related parties of $1.2 million that was included in other current liabilities.
|