Space Business Review A monthly round-up of space industry developments for the information of our clients and friends. September 2017 NORTHROP TO ACQUIRE ORBITAL ATK VIASAT PRICES UPSIZED $700M BOND On September 18, Northrop Grumman On September 7, ViaSat, Inc. announced that it Corporation (Northrop) announced that it upsized from $600m and priced an offering of CONTACTS: entered into an agreement to acquire Orbital $700m in aggregate principal amount of 5.625% ATK, Inc. (Orbital) for $9.2b, consisting of a senior notes due 2025. The company plans to use Dara A. Panahy 202-835-7521 $7.8b cash payment and assumption of $1.4b in the net proceeds from the offering primarily to
[email protected] net debt. Orbital shareholders will receive all- fund a cash tender offer to purchase, or to cash consideration of $134.50 per share, redeem if not purchased, all of its outstanding Bijan Ganji representing a premium of more than 20% over 6.875% senior notes due 2020, totaling $575m, 202-835-7543 the Orbital share price of $110 as of September and then for general corporate purposes.
[email protected] 15. The acquisition affords Northrop space SPACE ALLIANCE, SPACEFLIGHT TEAM UP capabilities that are considered complementary On September 15, the Space Alliance, consisting to its existing defense business. Upon closing of of Thales Alenia Space (Thales) and Telespazio the acquisition, expected in the first half of 2018, To learn about Milbank’s S.p.A., announced a partnership with Northrop plans to integrate Orbital as a fourth Space Business Practice, or Spaceflight Industries, Inc.