Nov 7, 2018

SpaceX preps first-ever institutional debt offering

Illustration: Sarah Grillo/Axios

SpaceX, the commercial space company led by Elon Musk, has launched a $750 million leveraged loan led by BofA Merrill Lynch. A meeting with prospective lenders is set for this morning, according to LevFin Insights.

Why it matters: This would be SpaceX's first foray into the institutional debt market, and could result in some of the company's financials becoming public.

SpaceX previously was said to be working with Goldman Sachs on a potential debt issue, so the use of BAML is a switch.

Thought bubble from Axios science editor Andrew Freedman:

"I’d like to see what the company is charging and making from customers for launches on recycled Falcon 9 rockets, which is a central piece of its business model - reducing the cost of access to space. Plus, where they’re at in terms of launch revenue and how dependent they are on government contracts. Also, costs related to the Big Falcon Rocket is could be crucial to evaluating the company’s viability several years down the road."

More: The new global race to space

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Venture capital reckons with its racial disparities

Illustration: Eniola Odetunde/Axios

Venture capital is not the primary cause of, nor primary solution to, America's racial inequities. But as a major driver of wealth and opportunity, it does exacerbate them.

How it works: Black men are woefully underrepresented within VC firms at just 2%, based on the most recent data. Black women don't even rank a percentage point.

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Private companies cut 2.8 million jobs in May

Photo: Joe Raedle/Getty Images

Private companies shed 2.8 million U.S. jobs last month, according to a report from payroll processor ADP and Moody’s Analytics.

Why it matters: It's way less than the nearly 9 million private sector jobs economists estimated would be lost in May, suggesting layoffs during the coronavirus crisis could be slowing sooner than Wall Street expected.

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Ben Geman

1 hour ago - Energy & Environment

The growing focus on environmental justice could influence Biden's platform

Illustration: Aïda Amer/Axios

The killing of George Floyd in police custody and protests against systemic racism are prompting many green groups to declare their support for racial justice, and one thing to watch now is how this all might influence Joe Biden's platform.

Driving the news: Even before the recent mass upheaval in response to Floyd's death, Biden said he was expanding outreach and eyeing wider plans around environmental justice, or the disproportionate pollution burdens facing poor communities and people of color.

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