Daily News: December 17, 2012

Wells Fargo, Others Amend, Extend Orbital Credit Facility

Orbital Sciences announced that it completed an amendment to its existing $300 million credit facility by adding for a new five-year $150 million senior secured term loan along and extending the maturity to December 2017. All other existing material terms and conditions of the credit facility remain substantially the same.

Proceeds from the term loan will be used to fund the planned retirement of the company’s existing senior subordinated convertible notes and for general corporate purposes. The credit facility is supported by a syndicate of 10 banks led by Wells Fargo Securities, Citigroup Global Markets and Merrill Lynch, Pierce, Fenner and Smith as joint lead arrangers and joint bookrunners.

“We are pleased to announce the closing of this expanded credit facility with our banks which allows us to improve our capital structure and maintain our strong liquidity position,” said Garrett E. Pierce, Orbital’s vice chairman and CFO. “Further, it gives us significant financial flexibility to support the future growth of our business.”

Orbital develops and manufactures small- and medium-class rockets and space systems for commercial, military and civil government customers.