To: Astro198 who wrote (1325 ) 3/26/1998 11:21:00 AM From: Mohan Marette Read Replies (3) | Respond to
ref:Secondary offering- Why it is great idea.underwritten by a syndicate of investment banks, led by Merrill Lynch & Co., Morgan Stanley Dean Witter and J. P. Morgan & Co., as the managing underwriters. Orbital has also granted the underwriters an option to purchase up to an additional 412,500 shares solely to cover over-allotments, if any. The company plans to use the net proceeds of this stock sale to further support business expansion in its space and ground infrastructure systems sector as a result of higher than expected new orders in 1997 and 1998 for satellites and launch vehicles, including for working capital and capital expenditures for facilities and production and test equipment. Additionally, a portion of the net proceeds may be used for investments in new projects or emerging space-related companies, expanded research and development for new products, acquisitions of businesses and/or product lines complementary to the company's existing businesses, and for other general corporate purposes. Pending the foregoing uses, the company will pay down existing borrowings under its working capital credit facilities and invest the remainder in short- term interest-bearing securities. Any amount paying down the company's credit facility may be reborrowed subject to the terms of such facility.
