Orbital ATK Announces Offering of $400 Million of Senior Notes and New Credit Facility
September 21 2015 - 8:51AM
Business Wire
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 requirements.
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 forward-looking
statements.
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Orbital ATK, Inc.Media and Investor Contact:Barron
Beneski, 703-406-5528Public and Investor
Relationsbarron.beneski@orbitalatk.com
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