DULLES, Va.Sep. 21, 2015--
Orbital ATK, Inc. (NYSE: OA) today announced an offering of $400 million
aggregate principal amount of senior notes due 2023 (the "notes") in a
private placement pursuant to Rule 144A and Regulation S under the
Securities Act of 1933, as amended (the "Securities Act"). The notes
will be general senior unsecured obligations of Orbital ATK and will be
jointly and severally guaranteed on a general senior unsecured basis by
certain of its existing and future subsidiaries.
Concurrently with the offering, Orbital ATK is seeking to enter into new
senior secured credit facilities (collectively, the new credit
facility ), consisting of an $800.0 million term loan facility and a
$1,000.0 million revolving credit facility. Orbital ATK expects to enter
into the new credit facility concurrently with the closing of the
offering, but the offering is not contingent upon the new credit
facility. Orbital ATK intends to use the net proceeds from the offering,
together with borrowings under the new credit facility, to repay all of
the borrowings under its existing senior secured credit facilities and
to pay related fees and expenses. Orbital ATK intends to use the balance
of the net proceeds, if any, for general corporate purposes.
Together, these transactions are expected to result in extended debt
maturities, increased proportion of fixed-rate debt, reduced credit
facility borrowing rates and increased credit facility commitment.
The notes and related subsidiary guarantees are being offered and sold
only to persons reasonably believed to be qualified institutional buyers
in compliance with Rule 144A under the Securities Act and outside the
United States to non-U.S. persons in compliance with Regulation S under
the Securities Act.
The notes and the related subsidiary guarantees will not be registered
under the Securities Act or the securities laws of any jurisdiction and
may not be offered or sold in the United States absent an effective
registration statement or an applicable exemption from the registration
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy these securities and shall not
constitute an offer, solicitation or sale in any jurisdiction in which
such offer, solicitation or sale is unlawful.
About Orbital ATK
Orbital ATK is a global leader in aerospace and defense technologies.
The company designs, builds and delivers space, defense and aviation
systems for customers around the world, both as a prime contractor and
merchant supplier. Its main products include launch vehicles and related
propulsion systems; missile products, subsystems and defense
electronics; precision weapons, armament systems and ammunition;
satellites and associated space components and services; and advanced
aerospace structures. Headquartered in Dulles, Virginia, Orbital ATK
employs more than 12,000 people in 18 states across the U.S. and in
several international locations. For more information, visit www.orbitalatk.com.
Safe Harbor Statement Under the Private Securities Litigation
Reform Act of 1995
Certain information discussed in this press release constitutes
forward-looking statements as defined in the Private Securities
Litigation Reform Act of 1995, including but not limited to, our
refinancing plans, the proposed terms of the notes and the new credit
facility and the expected use of proceeds therefrom. Forward-looking
statements are subject to risks and uncertainties that could cause
actual results to differ materially from those projected. For further
information on factors that could impact Orbital ATK, and statements
contained herein, please refer to the company s most recent Annual
Report on Form 10-K and any subsequent quarterly reports on Form 10-Q
and current reports on Form 8-K filed with the U.S. Securities and
Exchange Commission. Orbital ATK undertakes no obligation to update any
Source: Orbital ATK, Inc.
Orbital ATK, Inc.
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