Orbital Sciences Corporation
announced today that its MacDonald, Dettwiler and Associates Ltd.
(MDA) subsidiary completed its initial public stock offering when its shares
began trading on the Toronto Stock Exchange this morning under the trading
symbol “MDA.”
Today’s IPO of the Richmond, British Columbia-based information
systems and space technology company raised approximately $57 million (U.S.)
through the sale of 6.0 million shares of common stock priced at approximately
$9.50 per share (U.S.). Of the 6.0 million shares, MDA sold 4.0 million
primary shares, which raised $38 million for the subsidiary, while Orbital
sold 1.5 million shares, which raised approximately $14 million for the
company.
Other private investors sold another 500,000 secondary shares.
In
addition, the underwriters have an option to purchase up to 600,000 additional
shares, of which 500,000 would be sold by Orbital and the other 100,000 by
MDA’s pre-IPO private investors.

MDA has previously stated that the primary proceeds of the IPO will be
used to invest in and expand MDA’s e-commerce business in online land
information services, as well as for other general corporate purposes.
A
syndicate of underwriters led by RBC Dominion Securities Inc. underwrote the
offering.

Mr. David W. Thompson, Orbital’s Chairman and Chief Executive Officer,
said, “The successful completion of MDA’s IPO represents a major step in
Orbital’s campaign to unlock value for our shareholders and our plan to fund
MDA’s continued rapid growth.
We are very pleased to be able to realize such
an outstanding return on the original investment we made in MDA in 1995.”

Mr. Thompson added, “We believe that MDA’s IPO, which has placed a market-
based valuation on our majority holdings, should help highlight the intrinsic
value of Orbital’s businesses, which we strongly believe is not reflected in
our current stock price.”

The MDA shares were not registered in the U.S. and are not traded on any
U.S. stock exchange.

MDA, which was acquired by Orbital in 1995, provides end-to-end spatial
information systems, advanced space robotics technologies and online land
information services.
It develops, builds and upgrades imaging satellite
ground stations and designs, manufactures and supports space robotics used on
the NASA Space Shuttle and International Space Station.
In addition, MDA
offers electronic access to legal, asset and geographic information for
property transactions in the U.S. and Canada.

Orbital is one of the largest space technology and satellite services
companies in the world, with 1999 total enterprise revenues (including
revenues from unconsolidated affiliates) of approximately $915 million.
The
company, headquartered in Dulles, Virginia, employs about 5,500 people at
major facilities in the U.S., Canada and several overseas locations. Orbital
is the world’s leading manufacturer of low-cost space systems, including
satellites and space robotics, launch vehicles, electronics and sensors,
satellite ground systems and related digital infrastructure. Its Magellan
subsidiary is a pioneer in satellite-based navigation and communications
products for consumer and industrial markets. Through its ORBCOMM and ORBIMAGE
affiliates and ORBNAV subsidiary, Orbital is also a major operator of
satellite-based networks that provide data communications, high-resolution
imagery and automotive information services to customers around the world.