Orbital Gets Debt Refinancing Plan Approval

Dulles, Va.-based Orbital Sciences [NYSE: ORB] has taken another step toward refinancing its debt in a move similar to what many U.S. homeowners are doing to take advantage of falling interest rates.

Orbital this week received consent from the holders of 89 percent of its 12 percent notes due 2006 in return for payment of 105.025 percent of their principal, said Barry Beneski, Orbital’s vice president of communications. The exchange offering positions Orbital to pursue a debt refinancing in late July that would allow the company to cut its interest expenses.