GI Partners-Backed Orbcomm Taps Private Market for Refinancing

Satellite connectivity company Orbcomm has turned to the private credit market to refinance a term loan originally issued in the broadly syndicated market.

The IT services firm recently raised $460 million from Carlyle Group Inc., Bain Capital Credit’s Private Credit Group and Morgan Stanley Private Credit to refinance existing debt, the company said in a statement on Wednesday. The loan priced around 525 basis points over the secured over night financing rate at 98 cents on the dollar, a person familiar with the matter said.

Backed by GI Partners, Orbcomm announced on April 27 that it would prepay ...