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OrbImage Completes Funding For OrbView
Dulles Va. - March 4, 1998 - Orbital Imaging Corporation (ORBIMAGE), which is 60% owned by Orbital Sciences Corporation, today announced that it recently completed a financing package of debt and equity capital totaling $173 million. Through a private placement, the company secured $150 million from the sale of units consisting of 11 5/8% senior notes due 2005, along with warrants to purchase approximately 1.3 million shares of its common stock. ORBIMAGE also raised $23 million of equity capital when its existing preferred stockholders exercised an option to purchase additional preferred stock. The company plans to use the proceeds of these offerings to complete the construction and launch of its third and fourth satellites, OrbView-3 and -4, which are scheduled for launch in 1999 and 2000, respectively. OrbView-3 will produce one-meter resolution panchromatic (black and white) digital imagery as well as four-meter resolution multispectral (color and infrared) imagery, while OrbView-4 will produce similar high-resolution panchromatic and multispectral imagery as well as eight-meter resolution hyperspectral (enhanced color and infrared) imagery. In addition, proceeds from the financings are expected to be used in upgrading ORBIMAGE's existing ground stations and for general corporate purposes. ``This financing allows ORBIMAGE to fully fund an expanded fleet of two high-resolution satellites to provide global imaging with frequent revisit times and high network robustness,'' said Mr. David W. Thompson, ORBIMAGE's Chairman and Chief Executive Officer. ``In addition, we believe that this financing will provide ORBIMAGE the financial resources needed to aggressively expand its business as new opportunities develop in the coming years,'' he added. ORBIMAGE, a leading provider of global space-based imagery, currently operates the OrbView-1 atmospheric imaging satellite launched in 1995, the OrbView-2 ocean and land multispectral imaging satellite launched in 1997, and a common ground receiving, processing and distribution system. Its OrbNet digital archive and electronic distribution system, which the company expects to activate later this year, will be an on-line catalogue for the distribution of OrbView-1, OrbView-2 and other imagery to customers over the Internet. In the future, it will be expanded to accommodate high-resolution imagery provided by the OrbView-3 and OrbView-4 satellites. The offering of the units was conducted within the United States pursuant to Rule 144A of the U.S. Securities Act of 1933, as amended, and outside the United States pursuant to Regulation S under that Act. Neither the senior notes nor the common stock of the company issuable upon exercise of the warrants has been registered under the Securities Act, or any state securities laws. Accordingly, these securities may not be offered or sold in the United States or to or for the account of U.S. persons, absent registration or an exemption from the registration requirements of the Securities Act and applicable state securities laws. Community Email This Article Comment On This Article Related Links Space
Satellite Launch To Boost DTH In India
Calcutta, India (SPX) Dec 28, 2005The successful launch Thursday of India's heaviest satellite from spaceport of Kourou in French Guyana may have boosted the country's space research efforts to yet another level, but it has also lifted the spirits of at least three Direct-To-Home televisions broadcasters, one of which has been waiting for years to launch its services in India. |
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