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Orbital Sciences tenders for $143.75 million 2.4375% convertible notes
By Susanna Moon
Chicago, Nov. 20 - Orbital Sciences Corp. said it began a cash tender offer for its $143.75 million principal amount of outstanding 2.4375% convertible senior subordinated notes due 2027.
The total purchase price will be $1,015 for each $1,000 principal amount of notes tendered by midnight ET on Dec. 18, the expiration date of the offer.
The company also will pay accrued interest up to but excluding the settlement date.
Tendered notes may be withdrawn at any time before the offer ends.
The offer is not subject to any minimum tender condition, but is conditioned on completion of a new term loan of at least $150 million, which will help fund the offer along with cash on hand.
Citigroup Global Markets Inc. and Wells Fargo Securities, LLC are the dealer managers. Questions about the offer may be directed to Citigroup and Wells Fargo at 800 558-3745. Georgeson Inc. (888 658-5755 or collect 212 440-9800) is the information agent.
Orbital is a Dulles, Va.-based company that develops and manufactures small- and medium-class rockets and space systems for commercial, military and civil government customers.
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