Orbital Closes $100 Million Credit Facility
[8/22/07 – Satellite Today] Orbital Sciences Corp. has entered into a $100 million revolving credit facility, the company announced Aug. 22.
The new five-year credit arrangement, which matures in August 2012, is led by Citi and replaces the company’s existing $50 million revolving credit facility which 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,” Garrett Pierce, the company’s vice chairman and CFO, said in a statement. “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.”