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GeoEye Acquires $249.5 Million in Debt Financing

By | September 30, 2009

      [Satellite TODAY 09-30-09] GeoEye has received $249.5 million in funding as a result of its 2012 senior note sale offered Sept. 21, the company announced.
          The funding is a portion of the total capital investment that GeoEye has been seeking in its September financing push. The initial offering of $350 million was offered at 97.2 percent of its face value, with an effective yield of 10.25 percent. The offer was then raised to $400 million Sept. 24. 
          While the company has acquired 99.8 percent of the funding needed to tackle its 2012 debt, GeoEye still needs to find investors to cover the costs of constructing the GeoEye-2 high-resolution satellite, scheduled to launch in 2012, which accounts for the remaining portion of the $400 million debt offer.
          The total tender offer is set to expire Oct. 8.

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