DULLES, Va., June 20 /PRNewswire-FirstCall/ -- Orbital Sciences Corporation (NYSE: ORB) announced today that it has commenced a cash tender offer and consent solicitation (the "Offer") for any and all of its $135 million outstanding principal amount of 12% Second Priority Secured Notes due 2006 (the "Notes").
The Offer is scheduled to expire at 12:00 midnight (EDT), on Friday, July 18, 2003, unless extended or earlier terminated (the "Expiration Date"). Holders of the Notes who tender their Notes and deliver consents on or prior to 5:00 p.m., (EDT), on Tuesday, July 1, 2003 (the "Consent Date"), will receive 105.025% of the principal amount of the Notes validly tendered. Holders who tender their Notes after the Consent Date but prior to the Expiration Date will receive 104% of the principal amount of the Notes validly tendered. In each case, holders who validly tender their Notes shall receive accrued and unpaid interest and liquidated damages on such principal amount of Notes up to, but not including, the applicable payment date.
The Offer is subject to the satisfaction of certain conditions, including the Company's receipt of valid tenders from holders of at least a majority of the outstanding principal amount of the Notes and debt financing sufficient to consummate the Offer on terms acceptable to the Company.
The complete terms and conditions of the Offer are described in the Company's Offer to Purchase and Consent Solicitation Statement dated June 20, 2003 (the "Offer Statement"), copies of which may be obtained by contacting the information agent, D.F. King & Co., Inc. at (888) 567-1626.
The Company has engaged Banc of America Securities LLC to act as exclusive dealer manager and solicitation agent in connection with the Offer. Questions regarding the Offer may be directed to Banc of America Securities, High Yield Special Products, at (888) 292-0070 or (704) 388-4807 (collect). Requests for documentation may be directed to the D.F. King & Co., Inc. information agent for the Offer, at (888) 567-1626. The depositary for the Offer is U.S. Bank National Association.
The Offer is made solely by the Offer Statement. This press release does not constitute an offer to purchase (or a solicitation of an offer to sell) the Notes.
Orbital develops and manufactures small space and missile systems for commercial, civil government and military customers. The Company's primary products are satellites and launch vehicles, including low-orbit, geostationary and planetary spacecraft for communications, remote sensing and scientific missions; ground- and air-launched rockets that deliver satellites into orbit; and missile defense boosters that are used as interceptor and target vehicles. Orbital also offers space-related technical services to government agencies and develops and builds satellite-based transportation management systems for public transit agencies and private vehicle fleet operators.
More information about Orbital can be found at http://www.orbital.com
CONTACT: Barron Beneski, Public and Investor Relations, of Orbital Sciences Corporation, +1-703-406-5528, firstname.lastname@example.org; or Jonah Hirsch of Banc of America Securities LLC, +1-704-388-4807, email@example.com.
SOURCE Orbital Sciences Corporation -0- 06/20/2003 /CONTACT: Barron Beneski, Public and Investor Relations, of Orbital Sciences Corporation, +1-703-406-5528, firstname.lastname@example.org; or Jonah Hirsch of Banc of America Securities LLC, +1-704-388-4807, email@example.com/ /Web site: http://www.orbital.com/ (ORB) CO: Orbital Sciences Corporation; Banc of America Securities LLC ST: Virginia IN: ARO SU: CD-TW -- DCF044 -- 3245 06/20/2003 18:00 EDT http://www.prnewswire.com