Karman (KRMN) announced it has acquired ISP. The transaction closed on May 28. Founded in 1983 and based in Cedar City, Utah, ISP has developed a proprietary portfolio of propellant formulations and tactical motor configurations, with proven flight heritage across a number of high-priority U.S. Department of Defense programs. Karman successfully closed an offering to increase the size of its existing $300M Term Loan B by $75M. The majority of the proceeds from this offering were used to fund the acquisition of ISP, which consisted of $50M in cash, approximately $5M in Karman common shares and $5M in potential earnout payments.
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