Key Developments For GeoEye, Inc.
GeoEye, Inc. (GEOY.O) (Consolidated Issue listed on NASDAQ Global Market)
GeoEye Inc. Raises Low End Of Prior FY 2009 Revenue Outlook To A Range In Line With Analysts' Estimates; Raises FY 2009 Earnings Outlook
GeoEye Inc. announced that it currently expects fiscal 2009 revenue to be between $275.0 to $280.0 million, with adjusted EBITDA (excluding a non-recurring charge related to the extinguishment of debt) in the range of $133.0 to $137.0 million, and proforma earnings per share (EPS) in a range of $1.30 to $1.45 per share (excluding a non-recurring charge related to the extinguishment of debt). According to Reuters Estimates, analysts on an average were expecting the Company to report EPS of $1.25 and EBITDA of $130.4 million on revenue of $275.3 million for the same period.
GeoEye Inc. Closes $400 Million Private Placement of 9.625% Senior Secured Notes
GeoEye Inc. announced the closing of its private placement offering (the Notes Offering) of $400 million in aggregate principal amount of 9.625% Senior Secured Notes due 2015 (the Notes). The Notes were sold at a price equal to 97.262% of their face value, with an effective yield of 10.25%. GeoEye also announced that it had received tenders and consents from the holders of $249.5 million in aggregate principal amount, or approximately 99.8% of its outstanding $250 million Senior Secured Floating Rate Notes due 2012 (the 2012 Notes) as of the expiration of its previously announced tender offer and consent solicitation (the Tender Offer). The Tender Offer expired at midnight October 8, 2009, New York City time (the Expiration Date). Based on the consents received in the Tender Offer, GeoEye and the trustee under the indenture for the 2012 Notes have entered into a supplemental indenture that will eliminate substantially all of the restrictive covenants and certain event of default provisions and modify certain other provisions of the indenture. The supplemental indenture became effective upon payment for 2012 Notes tendered and accepted for purchase by GeoEye pursuant to the Tender Offer. The net proceeds of the Notes Offering were used to fund the repurchase of the 2012 Notes in the Tender Offer.
GeoEye Inc. Prices $400 Million Of 9 5/8% Senior Secured Notes Due 2015
GeoEye Inc. announced that it has priced its private placement offering (Notes Offering) of $400 million in aggregate principal amount of 9 5/8% Senior Secured Notes due 2015 (Notes). The Notes will be sold at a price equal to 97.262% of their face value, with an effective yield of 10 1/4%. The Notes Offering is expected to close on October 9, 2009, subject to the satisfaction or waiver of customary closing conditions. The net proceeds of the Notes Offering will be used to fund a tender offer (Tender Offer) to purchase any and all of GeoEye Inc.'s outstanding $250 million in aggregate principal amount of Floating Rate Senior Secured Notes due 2012 (2012 Notes), including the redemption of any 2012 Notes that remain outstanding after the expiration of the Tender Offer, and for general corporate purposes, which may include funding a portion of the costs of constructing a new high-resolution satellite. The Notes offered by GeoEye Inc. in the Notes Offering will not be registered under the Securities Act of 1933, as amended (Securities Act), and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. The Notes are being offered only to qualified institutional buyers under Rule 144A and outside the United States in compliance with Regulation S under the Securities Act.
GeoEye Inc. Announces $350 Million Senior Secured Notes Offering
GeoEye Inc. announced that it is proposing to offer in a private placement $350 million in aggregate principal amount of Senior Secured Notes due 2015 (the Notes Offering). The net proceeds of the Notes Offering are intended to be used to fund a Tender Offer (the Tender Offer) to purchase any and all of GeoEye's outstanding $250 million in aggregate principal amount of Floating Rate Senior Secured Notes due 2012 (the 2012 Notes), including the redemption of any 2012 Notes that remain outstanding after the expiration of the Tender Offer, and for general corporate purposes, which may include funding a portion of the costs of constructing a new high-resolution satellite.
GeoEye Inc. Signs NextView Service Level Agreement Extension With National Geospatial-Intelligence Agency
GeoEye Inc. announced that it has signed a contract to extend its Service Level Agreement with the National Geospatial-Intelligence Agency (NGA) through March 31, 2010. The contract extension gives the NGA continued access to high quality color imagery from the GeoEye-1 and IKONOS Earth-imaging satellites. GeoEye was awarded a contract with a maximum value of $50 million for the four-month extension period under essentially the same business terms as the prior agreement. The National Geospatial-Intelligence Agency has the option to extend the contract for an additional nine months on the same business terms, from April 1, 2010 to Dec. 31, 2010. The Company signed its initial Service Level Agreement in December 2008, and it was scheduled to expire Nov. 30, 2009.
