Orbital Sciences gets $150 million loan, extends revolver maturity

By Sara Rosenberg

New York, Dec. 13 - Orbital Sciences Corp. amended its credit facility, providing for a new $150 million five-year senior secured term loan and extending the revolver maturity to Dec. 12, 2017, according to an 8-K filed Thursday with the Securities and Exchange Commission.

Pricing on the term loan is Libor plus 175 basis points. The revolver pricing can range from Libor plus 175 bps to 250 bps based on leverage.

Proceeds are being used to repurchase $143.75 million of the company's 2.4375% convertible senior subordinated notes due 2027 and for general corporate purposes.

The amendment was completed on Dec. 12.

Wells Fargo Bank is the administrative agent on the deal.

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

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