Orbcomm has closed a $460 million refinancing that the company says will support growth initiatives and large-scale customer deployments and expand its platform.
As part of the package announced Wednesday, Orbcomm refinanced its existing debt facilities and secured committed capital with a term loan and revolving credit facility. Carlyle, Bain Credit’s Private Credit Group, and Morgan Stanley Private Credit supported the refinancing.
Orbcomm CEO Sameer Agrawal said this financing gives the company the flexibility to invest in its strategy: “Expanding our platform, supporting long-term customer deployments and deepening the role we play in delivering real-time intelligence and operational outcome. As real-time data and AI become more central to physical operations, Orbcomm is well positioned to expand the value we deliver.”
Orbcomm is privately owned by GI Partners, which acquired the company in 2021. The company said it has strengthened its focus since that acquisition and now serves 1,000 enterprise customers and 3 million connected assets.
Last year, Orbcomm launched Skywave, a new brand for its intelligent IoT platform, aimed at helping partners build solutions with the company’s industrial IoT technology.
