ORBCOMM pulls in new financing, replaces all publicly-traded debt

ORBCOMM, a starring supplier of ELDs and visibility solutions, has made a alteration successful its superior operation again.

As a effect of the restructuring, S&P Global Ratings has withdrawn its ratings connected ORBCOMM. S&P had a B- standing connected ORBCOMM and a antagonistic outlook astatine the clip of the withdrawal.

B- is six notches beneath the cutoff betwixt concern people and non-investment people indebtedness astatine S&P Global Ratings. A antagonistic outlook means conditions are successful spot for a imaginable downgrade successful the standing though a antagonistic oregon affirmative standing tin enactment successful spot for months oregon years without immoderate alteration really taking place.

ORBCOMM did not respond to email requests from FreightWaves for further comment.

ORBCOMM was a publicly-traded institution erstwhile it was acquired successful 2021 by GI Partners, a backstage equity company.

In its prepared connection announcing the refinancing, ORBCOMM said the indebtedness bundle totaled $460 million. It identified 3 companies arsenic having parts of the refinancing: Carlyle, the backstage recognition radical of Bain Credit, and Morgan Stanley Private Credit.

“The financing bundle refinances ORBCOMM”s existing indebtedness facilities and includes committed, undrawn superior capableness done a delayed gully word indebtedness installation and a revolving recognition facility, providing ORBCOMM with committed superior and flexibility,” the institution said successful a prepared statement. “The transaction reflects beardown enactment from starring organization investors and underscores assurance successful ORBCOMM’s marketplace position, strategical absorption and semipermanent maturation opportunity.”

According to the statement, the financing bundle refinances existing ORBCOMM indebtedness “and includes committed undrawn superior capableness done a delayed gully word indebtedness installation and a revolving recognition facility, providing ORBCOMM with committed superior and flexibility.”

The determination came conscionable astir a twelvemonth aft different alteration successful ORBCOMM’s superior structure. In April 2025, a antithetic part of S&P Global than the Ratings group, its Market Intelligence unit, took a involvement successful ORBCOMM. The size of the involvement was not disclosed.

At the aforesaid time, S&P Global acquired the Automatic Identification System (AIS) information services concern of ORBCOMM.

Debt has agelong been thing of a load astatine ORBCOMM.

ORBCOMM’S standing astatine S&P Global (NYSE: SPGI) was chopped successful July 2022 to B- from B connected what the institution said were concerns astir revenue, EBITDA margins and the company’s recognition metrics, which “have lagged our expectations.”

The determination to CreditWatch antagonistic astatine S&P Global came successful November 2022. ORBCOMM was taken disconnected CreditWatch successful December of that twelvemonth aft what S&P said was a “capital infusion” from GI Partners, “resolving a near-term currency shortfall and apt bridging its way to affirmative escaped operating currency travel successful 2023.”