ORBCOMM, Inc. announced that it completed a debt financing in the form of a five-year term loan through a Senior Secured Note Agreement in the principal amount of $45 million with AIG Asset Management (U.S.), LLC. The five-year term loan has no required principal amortization and a fixed interest rate of 9.5%, payable quarterly, for the life of the loan. Subject to the terms set out in the Note Agreement, the company may prepay the Notes, in whole or in part, at any time prior to the maturity date.

The company intends to use the proceeds of the AIG financing to facilitate growth opportunities such as new services, product offerings, geographic distribution and potential acquisitions into key vertical markets. The proceeds will also provide a capital expenditure cushion.