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Orbital Sciences Adds $150M Term Loan to Existing Revolving Facility

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Orbital Sciences Corporation (NYSE: ORB) today announced that the financing condition related to its previously announced cash tender offer (the "Tender Offer") for any and all of the $143.75 million aggregate principal amount of its outstanding 2.4375% Convertible Senior Subordinated Notes due 2027 (the "Convertible Notes") has been satisfied.  As previously disclosed, the Company intends to fund the repurchase of the Convertible Notes using the net proceeds of a new term loan.  As of the date hereof, the Company has amended its existing revolving credit facility to, among other things, add a new $150 million term loan facility. Entry into this amendment satisfies the financing condition to the Tender Offer requiring the Company to consummate a new term loan financing, on terms satisfactory to the Company, in an aggregate principal amount of at least $150 million.

The Tender Offer will expire at 12:00 midnight, New York City time, on December 18, 2012, unless extended or earlier terminated by the Company.

Posted-In: News Financing


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