New Issue: Orbital Sciences sells $135 million eight-year notes to yield 9%

By Paul A. Harris

St. Louis, July 2 - Orbital Sciences Corp. sold $135 million of senior notes due July 15, 2011 (B2/B+) at par, Wednesday, to yield 9%, according to a syndicate source.

Price talk had been 8 3/4-9%.

Banc of America Securities was bookrunner on the Rule 144A deal. Jefferies & Co. was the co-manager.

Proceeds will be used to refinance $135 million of outstanding 12% second priority secured notes due 2006.

The issuer is a Dulles, Va. developer and manufacturer small space and missile systems for commercial, civil government and military customers.

Issuer:	Orbital Sciences Corp.
Amount:	$135 million
Maturity:	July 15, 2011
Security description:	Senior notes
Bookrunner:	Banc of America Securities
Co-manager:	Jefferies
Coupon:	9%
Price:	Par
Yield:	9%
Spread:	568 basis points
Call features:	Callable on July 15, 2007 at 104.50, 102.25, par on July 15, 2009 and thereafter
Equity clawback:	Until July 15, 2006 for 35% at 109.0
Settlement date:	July 10, 2003
Ratings:	Moody's: B2 (stable)
	Standard & Poor's B+ (stable)
Rule 144A Cusip:	685564AK2
Price talk:	8 3/4-9%

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.