Moody’s gives B2 to Orbcomm, notes

Moody's Investors Service said it assigned a B2 corporate family rating and a B2-PD probability of default rating to Orbcomm Inc.

The agency also assigned a B2 (LGD3) rating to the company's proposed $250 million seven-year senior secured notes and an SGL-1 speculative grade liquidity rating, indicating very good liquidity.

Note proceeds will be used to refinance existing debt and for general corporate purposes, including acquisitions.

Moody’s said the B2 corporate family rating reflects Orbcomm's entrenched global presence across multiple vertical markets in the large and growing industrial Internet of Things and Machine-to-Machine remote connectivity industry.

“By adopting an agnostic approach to network connectivity and utilizing both its own satellite constellation and resold third party satellite and terrestrial cellular networks, Orbcomm is able to focus on delivering full turn-key and tailored services, hardware and applications solutions to a diverse customer set within multiple industries, including the transportation, heavy equipment and maritime industries, among others,” the agency said in a news release.

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