Iridium US$1.5bn term loan B and US$100m revolver (2023 amendment)
Refinance US$1,496m outstanding under the 2019 credit agreement; general corporate purposes
Key terms
- Borrower or issuer
- Iridium
- Date
- 20 Sep 2023
- Type
- Bank facility
- Amount
- US$1.6bn
- Pricing
- SOFR + 2.50% (0.75% floor), issued at 99.75
Recorded terms
- Structure
- Amended and restated credit agreement: US$1.5bn seven-year term loan B and US$100m five-year revolver, borrowed by Iridium Satellite LLC
- Lenders and arrangers
- Joint lead arrangers and bookrunners Deutsche Bank, Barclays, RBC Capital Markets and Wells Fargo; Deutsche Bank AG New York Branch, agent
- Country
- United States
Parties
- Iridium borrower or issuer
- Arrangers: Deutsche Bank, Barclays, RBC Capital Markets, Wells Fargo
Similar financings
| Date | Financing | Type | Amount |
|---|---|---|---|
| 13 Jun 2022 | Spire Global US$120m term loan (Blue Torch) | Bank facility | US$120m |
| 4 Mar 2022 | Viasat US$700m term loan B | Bank facility | US$700m |
| 20 Dec 2021 | Intelsat DIP-to-exit financing on emergence from Chapter 11 | Bank facility | US$7.88bn |
| 24 Nov 2021 | Terran Orbital US$150m senior secured notes (Francisco Partners) | Bank facility | US$150m |
| 10 Jun 2021 | Rocket Lab US$100m secured term loan (Hercules Capital) | Bank facility | US$100m |
More from Iridium
| Date | Financing | Type | Amount |
|---|---|---|---|
| 4 Nov 2019 | Iridium US$1,450m credit facility | Bank facility | US$1.45bn |
M&A and investment involving Iridium
| Date | Deal | Type | Value |
|---|---|---|---|
| 7 Jul 2026 | Iridium acquisition of Aireon | M&A | Not disclosed |
Sources
- Iridium Form 8-K: amendment and restatement of the credit agreement sec.gov · 20 Sep 2023
About this record
Record ORB-2023-0004, taken from an issuer, lender or government announcement. Confirmed against the primary documents listed. Amounts are as announced; US$ equivalents use approximate annual average exchange rates. Spotted an error or have a document we have missed? Send a correction, and changes are logged on Updates and corrections.
Read the structure
A revolving or term facility is a relationship loan from a bank group, priced at a margin over a reference rate, with financial covenants and an agent.
