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Orbital Sciences plans refinancing
New York, June 19 - Orbital Sciences Corp. said it plans to refinance its $135 million of 12% second priority secured notes.
The Dulles, Va. space and missile systems company said it expects the refinancing will consist of a cash tender offer and consent solicitation for the old notes, new debt financing and replacement of the existing credit facility with Foothill Capital Corp. with a new revolver via Bank of America.
Orbital Sciences issued the 12% notes on Aug. 9, selling them at par as units along with warrants for 16 million shares.
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