Synspective Inc., the Tokyo Stock Exchange Growth-listed satellite radar operator, told markets on September 17, 2026 that its board had approved a ¥20bn syndicated term loan to pay for satellite manufacturing and launch costs. Mizuho Bank is arranging and acting as agent for a syndicate of 13 lenders that also includes Sumitomo Mitsui Banking Corp, MUFG Bank, Shoko Chukin Bank, Sumitomo Mitsui Trust Bank, Resona Bank, Aozora Bank, and six regional lenders: Shizuoka Bank, Chiba Bank, Iyo Bank, Kiyo Bank, Hiroshima Bank and Nishi-Nippon City Bank. The facility is unsecured, with the contract due to be signed on September 18 and drawdown planned for September 30, running five years and three months.
| Feature | Detail |
|---|---|
| Facility size | ¥20bn commitment-period term loan |
| Purpose | Satellite manufacturing and launch costs |
| Signing date (planned) | September 18, 2026 |
| Drawdown date (planned) | September 30, 2026 |
| Tenor | 5 years and 3 months |
| Security | Unsecured |
| Arranger and agent | Mizuho Bank |
| Lenders | 13 banks, including Mizuho Bank, Sumitomo Mitsui Banking Corp, MUFG Bank, Shoko Chukin Bank, Sumitomo Mitsui Trust Bank, Resona Bank, Aozora Bank, and six regional banks |
| Net-asset covenant | Consolidated net assets must stay positive at each fiscal year-end |
| Liquidity covenant | Cash and deposits plus future scheduled revenue, minus interest-bearing debt, must not fall below zero at each quarter-end |
| Borrowing-related expense | ¥701mn expected to be booked as a non-operating expense on September 30, 2026 |
Synspective said the credit approval reflects its expanding business, including the Ministry of Defense's satellite constellation development and operation program, and the future cash flow that expansion is expected to generate. That is the company's own account of why the lender group signed on; the filing does not put a value on the defense work itself.
Two covenants, on different clocks
The loan carries financial covenants that run for its full term, not just at signing. At each fiscal year-end, Synspective's consolidated net assets must stay above zero, at least ¥1. At each quarter-end, a separate liquidity test also applies: cash and deposits plus future scheduled revenue, minus total interest-bearing debt, cannot fall below zero. Together the two tests give the lender syndicate a recurring check on Synspective's balance sheet as it spends on satellite hardware and launches, one measured once a year and one measured every quarter.
Putting the facility together already cost more than planned. Synspective expects to book ¥701mn as a non-operating expense on September 30 for borrowing-related costs. The company said letting major domestic financial institutions join the syndicate let it maximize the facility size beyond its initial assumption, which raised those costs, and separately said interest rates rose more than it had assumed. Net of that, Synspective now expects total costs tied to the loan to run about ¥187mn above its original internal assumption, a figure it says was only partly reflected in the guidance it published for the fiscal year ending December 2026. It said it will issue a formal forecast revision if developments require one.
As of the September 17 disclosure, the deal was still in motion: the loan contract itself was scheduled to be signed the following day, and no money was due to change hands until September 30. A syndicate's commitment to lend is not the same as a satellite maker with ¥20bn already in the bank.