Orbital Sciences enters new $300 million revolving credit facility

By Jennifer Chiou

New York, June 8 - Orbital Sciences Corp. said it closed on a new $300 million five-year revolving credit facility, replacing its existing $100 million revolver scheduled to mature in 2012.

The capacity may be increased to up to $450 million, subject to the availability of additional commitments from the lenders, according to a news release.

Wells Fargo led the deal, with Citi and Bank of America as co-arrangers.

"The terms and conditions of the new credit facility reflect the financial strength of Orbital and will support the company's anticipated growth in the future," vice chairman and chief financial officer Garrett E. Pierce said in the release.

"With an attractive pricing and covenant structure reflecting the very favorable credit market conditions, the new facility will allow Orbital to maintain a high level of financial flexibility to pursue a profitable and sustainable growth strategy."

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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