Portland, Ore., March 31 – Orbcomm Inc. announced in a Friday press release that it priced $250 million of 8% senior secured notes due 2024 via Rule 144A and Regulation S.
The Rochelle Park, N.J.-based technology company plans to use the proceeds to repay the $150 million of outstanding loans under its existing $160 million secured credit facilities. Any proceeds not used for such purpose will be used for general corporate purposes, including potential future acquisitions.
| Issuer: | Orbcomm Inc.
|
| Amount: | $250 million
|
| Maturity: | 2024
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| Securities: | Senior secured notes
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| Coupon: | 8%
|
| Distribution: | Rule 144A and Regulation S
|
| Announcement date: | March 31
|
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