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Orbital
Selling Shares of Canadian Subsidiary
Orbital Sciences
Corporation has signed a definitive agreement to sell 12.35 million
shares that it holds in its MacDonald, Dettwiler and  Associates
Ltd. (MDA) subsidiary to a Canadian investment group for
approximately US$111 million. The Canadian investment group includes
CAI Capital Partners and Company II, L.P., British Columbia
Investment Management Corporation and the Ontario Teachers' Pension
Plan  Board.
Orbital expects to complete the 12.35 million share initial
transaction by mid-May. The transaction has been approved by
Orbital's Board of Directors and is subject to certain U.S. and
Canadian regulatory approvals and customary closing conditions.
Orbital plans to
use the proceeds from the MDA transaction to reduce debt and boost
cash reserves to fund working capital and for other general
purposes.
Orbital
has the option to sell its remaining 5.65 million shares. The buyers
have until May 31, 2001 to exercise their option to purchase the
remaining 5.65 million shares of MDA. Estimated proceeds from the
sale of all 18 million shares would be at least US$163 million.
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