ORBCOMM, a global provider of Machine-to-Machine (M2M) solutions, announced it has entered into a multi-facility credit agreement providing up to $160 million with Macquarie Group. As part of the credit agreement, ORBCOMM will have access to a $70 million initial term loan facility, a revolving credit facility for up to $10 million as well as acquisition term loan facilities for up to $80 million for potential growth opportunities.

The initial term loan will be used to repay in full the company’s $45 million, 9.50% fixed rate senior secured notes due in 2018, and the balance will be available for general corporate purposes. The loan facilities have no scheduled principal amortization until the five-year maturity date and will carry an interest rate of LIBOR (floor of 100 basis points) plus a margin of 475 basis points.

Raymond James advised ORBCOMM on the financing. Milbank, Tweed, Hadley & McCloy LLP acted as legal advisor to ORBCOMM.