Orbital Sciences Corp. updated its 2007 earnings per share and free cash flow guidance following the pricing of a $143.8 million debt offering, Orbital announced Dec. 8. Orbital intends to use the net proceeds from the offering, together with cash on hand, to repurchase older debt as well as 2.7 million outstanding shares of common stock.

"The debt offering and share repurchase announced yesterday is another significant step forward in optimizing the company’s capital structure, which is one of several key elements in our strategy to achieve double-digit annual earnings growth over the coming years," David Thompson, Orbital’s chairman and CEO, said in a statement. "As a result of these transactions, Orbital will greatly reduce its annual interest expense, continue its multiyear share repurchase program and enhance the company’s earnings per share and cash flow in 2007 and future years."

Orbital now expects to generate 2007 earnings per share in the range of $0.72 to $0.77, up from the previous range of $0.67 to $0.72 and also increased its free cash flow estimate for 2007 by $5 million to a range of between $50 million and $55 million.