ORBCOMM pulls in new financing, replaces all publicly-traded debt ORBCOMM has restructured its debt load. ( ) John Kingston May 6, 2026 4 min read ORBCOMM, a leading provider of ELDs and visibility solutions, has made a change in its capital structure again. As a result of the restructuring, S&P Global Ratings has withdrawn its ratings on ORBCOMM. S&P had a B- rating on ORBCOMM and a negative outlook at the time of the withdrawal.
B- is six notches below the cutoff between investment grade and non-investment grade debt at S&P Global Ratings. A negative outlook means conditions are in place for a potential downgrade in the rating though a negative or positive rating can stay in place for months or years without any change actually taking place. ORBCOMM did not respond to email requests from FreightWaves for further comment.
ORBCOMM was a publicly-traded company when it was acquired in 2021 by GI Partners, a private equity company. In its prepared statement announcing the refinancing, ORBCOMM said the debt package totaled $460 million. It identified three companies as having parts of the refinancing: Carlyle, the private credit group of Bain Credit, and Morgan Stanley Private Credit.
"The financing package refinances ORBCOMM"s existing debt facilities and includes committed, undrawn capital capacity through a delayed draw term loan facility and a revolving credit facility, providing ORBCOMM with committed capital and flexibility," the company said in a prepared statement. "The transaction reflects strong support from leading institutional investors and underscores confidence in ORBCOMM's market position, strategic direction and long-term growth opportunity." According to the statement, the financing package refinances existing ORBCOMM debt "and includes committed undrawn capital capacity through a delayed draw term loan facility and a revolving credit facility, providing ORBCOMM with committed capital and flexibility." The move came just about a year after another change in ORBCOMM's capital structure. In April 2025, a different division of S&P Global than the Ratings group, its Market Intelligence unit, took a stake in ORBCOMM.
The size of the stake was not disclosed. At the same time, S&P Global acquired the Automatic Identification System (AIS) data services business of ORBCOMM. Debt has long been something of a burden at ORBCOMM.
ORBCOMM'S rating at S&P Global (NYSE: SPGI) was cut in July 2022 to B- from B on what the company said were concerns about revenue, EBITDA margins and the company's credit metrics, which "have lagged our expectations." The move to CreditWatch negative at S&P Global came in November 2022. ORBCOMM was taken off CreditWatch in December of that year after what S&P said was a "capital infusion" from GI Partners, "resolving a near-term cash shortfall and likely bridging its path to positive free operating cash flow in 2023." Story Continues However, the outlook remained negative. That negative outlook was still in place when S&P Global withdrew its ratings in the wake of the new refinancing.
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