ORBCOMM US$410m take-private financing (GI Partners)
Part-funded GI Partners' acquisition of ORBCOMM and refinanced existing debt
Key terms
- Borrower or issuer
- ORBCOMM
- Date
- 7 Apr 2021
- Type
- Acquisition finance
- Amount
- US$410m
Recorded terms
- Structure
- US$360m senior secured first lien term loan and US$50m first lien revolving facility, committed under a debt commitment letter
- Lenders and arrangers
- Credit Suisse AG, Cayman Islands Branch; Credit Suisse Loan Funding LLC; Jefferies Finance LLC; Truist Bank; Truist Securities, Inc.; Citizens Bank, N.A.
- Country
- United States
Parties
- ORBCOMM borrower or issuer
- Lenders: Credit Suisse, Truist, Citizens, Jefferies
Similar financings
| Date | Financing | Type | Amount |
|---|---|---|---|
| 3 May 2023 | Maxar take-private by Advent | Acquisition finance | US$6.4bn |
| 30 May 2023 | Viasat US$1.35bn acquisition financing for Inmarsat | Acquisition finance | US$1.35bn |
| 25 Mar 2024 | Iridium US$125m incremental term loan for the Satelles acquisition | Acquisition finance | US$125m |
| 19 Jun 2024 | SES acquisition financing for Intelsat | Acquisition finance | €3bn |
| 5 Oct 2017 | Maxar US$3.75bn syndicated credit facility for the DigitalGlobe acquisition | Acquisition finance | US$3.75bn |
More from ORBCOMM
| Date | Financing | Type | Amount |
|---|---|---|---|
| 2 Dec 2020 | ORBCOMM US$250m credit facilities refinancing the 2024 notes | Bank facility | US$250m |
| 18 Dec 2017 | ORBCOMM US$25m senior secured revolving credit facility | Bank facility | US$25m |
| 31 Mar 2017 | ORBCOMM US$250m 8.0% senior secured notes due 2024 | Bond | US$250m |
M&A and investment involving ORBCOMM
| Date | Deal | Type | Value |
|---|---|---|---|
| 1 Sep 2021 | GI Partners acquisition of ORBCOMM | M&A | US$1.1bn |
Sources
- ORBCOMM definitive merger proxy (DEFM14A) sec.gov · 27 May 2021
About this record
Record ORB-2021-0007, taken from an issuer, lender or government announcement. Confirmed against the primary documents listed. Amounts are as announced; US$ equivalents use approximate annual average exchange rates. Spotted an error or have a document we have missed? Send a correction, and changes are logged on Updates and corrections.
Read the structure
Acquisition debt is committed before signing, often as a bridge, and refinanced with bonds or term loans once the deal closes.
