Orbital Sciences gets $100 million revolver

By Sara Rosenberg

New York, Aug. 22 - Orbital Sciences Corp. closed on a new $100 million five-year revolving credit facility, according to a company news release.

Citigroup acted as the lead bank on the deal. Also participating was Bank of America, Wachovia Bank, PNC Bank and Sovereign Bank.

There is a $75 million accordion feature.

The new deal replaces the company's existing $50 million revolver that was scheduled to mature in December 2009.

"We believe that the terms and conditions of the new credit facility reflect the financial strength of Orbital. The significantly lower pricing structure and generally less restrictive covenants provide Orbital greater financial flexibility to support the company's growth strategy and to improve our profitability," said Mr. Garrett E. Pierce, vice chairman and chief financial officer, in the release.

Orbital is a Dulles, Va.-based developer and manufacturer of small space and rocket systems for commercial, military and civil government customers.

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