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Orbital sets pricing, gets necessary consents for 9% notes
By Jennifer Chiou
New York, Dec. 20 - Orbital Sciences Corp. said it received the required consents to amend its $126.425 million of 9% senior notes due 2011.
As of the consent deadline of 5 p.m. ET on Dec. 20, the company said holders of $125.91 million or 99.59% of notes had tendered their securities.
Orbital said it executed a supplemental indenture.
The company is soliciting consents to amend the indenture governing the notes to eliminate most of the principal restrictive covenants, certain events of default and related provisions and to amend certain other provisions.
Adoption of the proposed amendments requires the consent of holders of at least a majority of the notes outstanding. Holders who tender must consent and holders may not deliver consents without tendering.
The tender offer will end at midnight ET on Jan. 5. It began on Dec. 7.
The tender consideration will be $1,062.53, which was determined at 2 p.m. ET on Dec. 20 using a yield equal to a fixed spread of 50 basis points plus the bid-side yield to maturity of the 3 5/8% U.S. Treasury Note due June 30, 2007.
The total consideration includes a consent payment of $20.00 per $1,000 principal amount of notes for holders who tendered before the consent deadline.
The company said it will also pay accrued interest up to but excluding the payment date.
The tender offer is conditioned upon the receipt of tenders and consents from the holders of a majority of the notes and Orbital Sciences having sufficient funds to purchase the notes and to pay the tender consideration and consent payment.
Wachovia Securities (866 309-6316 toll free or 704 715-8341 collect) is the dealer manager and solicitation agent, and D.F. King & Co. Inc. (800 758-5378 toll free or 212 269-5550 collect) is the information agent and tender agent.
Orbital Sciences develops and manufactures small rockets and space systems and is based in Dulles, Va.
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