Press Release

ORBIMAGE Announces Pricing of Senior Secured Floating Rate Notes

By SpaceRef Editor
June 24, 2005
Filed under , ,

ORBIMAGE Holdings Inc. (OTC Bulletin Board: ORBM – News) announced today that it priced a $250 million offering of Senior Secured Floating Rate Notes due 2012. The interest rate will be at six month LIBOR plus 9.5%. The closing is expected to occur on Wednesday, June 29, 2005.

The notes are being offered by the initial purchasers solely to certain qualified institutional buyers pursuant to Rule 144A, have not been registered under the Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration under the Securities Act and applicable state securities laws.

This announcement is neither an offer to sell nor a solicitation of an offer to buy any of these notes. The information in this news release is forward looking, and is subject to the risk that some or all of the proposed notes offering will not occur as planned.

About ORBIMAGE:

ORBIMAGE is a leading global provider of Earth imagery products and services, with digital remote sensing satellites and an integrated worldwide image receiving, processing and distribution network. In addition to the high-resolution OrbView-3 satellite, ORBIMAGE operates the OrbView-2 ocean and land multispectral imaging satellite and the SeaStar Fisheries Information Service, which provides maps derived from essential oceanographic information to aid in commercial fishing. ORBIMAGE also produces value-added imagery products and provides advanced photogrammetric engineering services at its St. Louis facility. The company distributes its products directly to the U.S. government for national security and related mapping applications. Commercial sales are handled through a worldwide network of value-added resellers, regional distributors, sales agents, and select strategic partners. The company is currently building a next-generation satellite, OrbView-5, to support the National Geospatial-Intelligence Agency’s NextView image acquisition program. OrbView-5 is planned to be operational early in 2007.

For more information about ORBIMAGE, please see our web site at http://www.ORBIMAGE.com .

SpaceRef staff editor.