On December 29, 2023, Rocket Lab and subsidiaries entered a Master Equipment Financing Agreement with Trinity Capital, providing up to $120M for equipment. Initial draws totaled $110M: $70M Effective Date Draw and $40M Blanket Lien Draw, both over 60 months from January 2024 to January 2029. A portion repaid $108,648,103 outstanding on the June 2021 Hercules Capital term loan (maturing June 2024), terminating it and releasing liens. Remaining $50M available: $30M in up to three $10M+ advances within 18 months, $20M by June 30, 2025. Secured by equipment; blanket lien on all assets/IP until $40M repaid. Issued warrant for 728,835 common shares at $4.87/share (adjustable), exercisable until Dec 29, 2027, exempt under Reg D. Customary covenants, defaults. Strategic refinancing extends debt maturity, funds growth amid launch/Neutron development.

Refinancing replaces near-term maturing debt with longer 5-year terms, improving liquidity and reducing 2024 refinancing risk; supports equipment capex for Electron/Neutron production scaling. Minor dilution potential from warrant (~0.1% shares outstanding at current levels). Positive signal of lender confidence; enhances balance sheet flexibility for growth. Investors: Accumulate on dip, monitor draw utilization.