Orbcomm draws $80 million from Macquarie facilities to repay AIG notes

By Marisa Wong

Madison, Wis., Oct. 16 – Orbcomm Inc. borrowed $80 million under its $160 million credit agreement entered into on Sept. 30 with Macquarie CAF LLC.

On Oct. 10 the company borrowed $70 million under its initial term loan facility and $10 million under its revolving credit facility, according to an 8-K filing with the Securities and Exchange Commission.

The company used a portion of the term loan proceeds to repay in full its $45 million outstanding 9½% senior secured notes due 2018.

The prepayment amount included the outstanding principal amount, accrued interest of $118,750 and a prepayment premium of $1.8 million.

Upon repayment of the 9½% notes, the company terminated all of its outstanding obligations under its Jan. 4, 2013 senior secured note agreement with AIG Asset Management (U.S.), LLC.

Orbcomm is a Fort Lee, N.J., satellite data communications company.

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