Hadrian closes $360 million revolving credit facility led by Morgan Stanley Senior Funding
- Raised
- $360M
- Lead investor
- Morgan Stanley
- Place in VP50
- #11
- Sources
- 2
What happened
Hadrian, a Torrance, California company that builds highly automated factories and is scaling production for defense and aerospace customers, announced on August 14, 2026 that it had closed a $360 million revolving credit facility. The company said the funds would go toward advanced manufacturing infrastructure, machinery and related hardware needed to meet production targets. Morgan Stanley Senior Funding Inc. was Lead Left Arranger and Bookrunner. The joint lead arrangers and bookrunners were Western Alliance Bank, J.P. Morgan, First Citizens Bank, Customers Bank, HSBC Ventures USA Inc., Axos Bank and Texas Capital Securities.
Hadrian said the facility closed one week after it announced a $1.37 billion Series D equity raise that valued the company at $7.87 billion. Founder and CEO Chris Power said the financing would play a critical role in building out the industrial capacity the United States needs. The company said it operates four facilities totaling just under 3 million square feet, two in Torrance and new sites in Arizona and Alabama, with more in development. Kirkland & Ellis, which advised Hadrian, published its own note on August 17. The release did not state the facility's maturity, interest rate, drawn amount or covenants.
Key points
- Hadrian announced on August 14, 2026 that it closed a $360 million revolving credit facility.1
- Morgan Stanley Senior Funding Inc. was Lead Left Arranger and Bookrunner; Western Alliance Bank, J.P. Morgan and First Citizens Bank were among the joint lead arrangers.1
- The company said proceeds go to advanced manufacturing infrastructure, machinery and related hardware.12
- The facility closed one week after the $1.37 billion Series D at a $7.87 billion valuation, per Hadrian.1
- Maturity, interest rate, drawn amount and covenants were not stated in the release.1
Why it matters
The facility is a credit line, separate from the $7.87 billion Series D, so the capital for factory buildout comes without a new priced equity round. The Series D remains the latest equity reference for the company.
Large banks took the arranger and bookrunner roles, which shows the company can borrow from bank lenders as well as raise equity from investors.
The release gives no maturity, rate or drawn amount, so the cost of the debt and how much of it is in use are not yet visible to anyone weighing the company's value.
Fact-check
- Hadrian closed a $360 million revolving credit facility, announced August 14, 2026.Confirmed by [1] PR Newswire (Hadrian): the release dated August 14, 2026 announces the closing of a $360 million revolving credit facility. [2] Kirkland & Ellis, dated August 17, 2026, also gives the $360 million figure.Verified
- Morgan Stanley Senior Funding Inc. was Lead Left Arranger and Bookrunner, with seven joint lead arrangers named.Confirmed by [1] PR Newswire (Hadrian): lists Morgan Stanley Senior Funding Inc. in the lead role and Western Alliance Bank, J. P. Morgan, First Citizens Bank, Customers Bank, HSBC Ventures USA Inc, Axos Bank and Texas Capital Securities as joint lead arrangers and bookrunners. [2] Kirkland & Ellis does not name the lenders.Verified
- Proceeds go to advanced manufacturing infrastructure, machinery and related hardware.Confirmed by [1] PR Newswire (Hadrian) and [2] Kirkland & Ellis: both describe the use of funds as manufacturing infrastructure, machinery and related hardware to meet production goals.Verified
- The facility closed one week after a $1.37 billion Series D at a $7.87 billion valuation.Confirmed by [1] PR Newswire (Hadrian): the release gives the one-week gap, the $1.37 billion Series D and the $7.87 billion valuation. [2] Kirkland & Ellis repeats the one-week gap and the $7.87 billion valuation.Verified
- Hadrian operates four facilities totaling just under 3 million square feet.Confirmed by [1] PR Newswire (Hadrian): two facilities in Torrance, California, and newly launched sites in Arizona and Alabama, totaling just under 3 million square feet.Verified
- Kirkland & Ellis, which advised Hadrian, published its note on August 17, 2026.Confirmed by [2] Kirkland & Ellis: the note is dated 17 August 2026 and says the firm advised Hadrian on the facility.Verified
Sources
- [1]PR Newswire (Hadrian) (opens in a new tab)Hadrian Closes $360 Million Revolving Credit Facility to Accelerate the Buildout of Its U.S. Manufacturing Footprintcritical role in facilitating Hadrian's build out of the industrial capacity
- [2]Kirkland & Ellis (opens in a new tab)Kirkland Advises Hadrian on $360 Million Revolving Credit Facility to Accelerate U.S. Manufacturing Footprint Buildoutadvanced industrial and defense manufacturing company building highly automated factories for America
