Headlines > News > Orbital Closes New $100 Million Five-Year Revolving Credit Facility

Orbital Closes New $100 Million Five-Year Revolving Credit Facility

Published by Klaus Schmidt on Thu Aug 23, 2007 11:01 am
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(Orbital) — Improved Pricing Structure and Covenants to Support Growth Strategy –

(Dulles, VA) — Orbital Sciences Corporation (NYSE: ORB) today announced that it has entered into a new $100 million revolving credit facility. The new five-year credit arrangement, which matures in August 2012, replaces the company’s existing $50 million revolving credit facility, which was scheduled to mature in December 2009. The new facility permits the aggregate commitment to increase up to $175 million, subject to the availability of additional commitments.

The new facility is led by Citi. Also participating in the facility are Bank of America, Wachovia Bank, PNC Bank and Sovereign Bank.

“We believe that the terms and conditions of the new credit facility reflect the financial strength of Orbital. The significantly lower pricing structure and generally less restrictive covenants provide Orbital greater financial flexibility to support the company’s growth strategy and to improve our profitability,” said Mr. Garrett E. Pierce, Orbital’s Vice Chairman and Chief Financial Officer.

Orbital develops and manufactures small space and rocket systems for commercial, military and civil government customers. The company’s primary products are satellites and launch vehicles, including low-orbit, geosynchronous-orbit and planetary spacecraft for communications, remote sensing, scientific and defense missions; ground- and air-launched rockets that deliver satellites into orbit; and missile defense systems that are used as interceptor and target vehicles. Orbital also offers space-related technical services to government agencies and develops and builds satellite-based transportation management systems for public transit agencies and private vehicle fleet operators.

More information about Orbital can be found at http://www.orbital.com

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