ROCHELLE PARK, N.J.--(BUSINESS WIRE)--Mar. 31, 2017--
ORBCOMM Inc. (NASDAQ:ORBC) (“ORBCOMM”), a global provider of Internet of
Things solutions, today announced that it has priced $250,000,000
aggregate principal amount of 8.0% senior secured notes due 2024 (the
“notes”). The notes will be fully and unconditionally guaranteed by
certain of ORBCOMM’s domestic subsidiaries.
The net proceeds from the sale of the notes are intended to be used to
repay the $150 million outstanding loans under ORBCOMM’s existing $160
million secured credit facilities. Any proceeds not used for such
purpose will be used for general corporate purposes, including potential
future acquisitions.
The notes will be offered and sold to qualified institutional buyers in
accordance with Rule 144A under the Securities Act of 1933, as amended
(the “Securities Act”), and to persons outside the United States in
accordance with Regulation S under the Securities Act and applicable
exemptions from registration, prospectus or like requirements under the
laws and regulations of the relevant jurisdictions outside the United
States. The notes have not been and will not be registered under the
Securities Act and, unless so registered, may not be offered or sold in
the United States except pursuant to an exemption from, or in a
transaction not subject to, the registration requirements of the
Securities Act and applicable state securities laws. The notes will also
not be registered in any jurisdiction outside of the United States and
no action or steps will be taken to permit the offer of the notes in any
such jurisdiction where any registration or other action or steps would
be required to permit an offer of the notes. The notes will not be
offered or sold in any such jurisdiction except pursuant to an exemption
from, or in a transaction not subject to, the relevant requirements of
laws and regulations of such jurisdictions.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy the notes or any other securities of
ORBCOMM, nor shall there be any offer, solicitation or sale of the notes
in any state or jurisdiction in which such offer, solicitation or sale
would be unlawful.
The information above includes forward-looking statements within the
meaning of the Securities Act and the Securities Exchange Act of 1934,
as amended. Such forward-looking statements are subject to certain risks
and uncertainties, as disclosed by ORBCOMM from time to time in its
filings with the Securities and Exchange Commission. As a result of
these factors, ORBCOMM’s actual results may differ materially from those
indicated or implied by such forward-looking statements. ORBCOMM does
not undertake to update these forward-looking statements, whether due to
new information, future events or otherwise.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170331005841/en/
Source: ORBCOMM Inc.
ORBCOMM
Robert G. Costantini, 1-703-433-6305
Executive Vice
President and Chief Financial Officer