Iridium US$125m incremental term loan for the Satelles acquisition
With cash on hand, fund the acquisition of Satelles
Key terms
- Borrower or issuer
- Iridium Communications
- Date
- 25 Mar 2024
- Type
- Acquisition finance
- Amount
- US$125m
- Pricing
- SOFR + 2.50% (0.75% floor); issued at 99.875
- Maturity
- 2030-09-20
Recorded terms
- Structure
- Incremental term loans, fungible with the existing US$1.5bn term loan B
- Lenders and arrangers
- Deutsche Bank AG New York Branch, administrative agent and collateral agent; Deutsche Bank Securities Inc., Barclays Bank PLC and Wells Fargo Securities, LLC, joint lead arrangers and bookrunners
- Country
- United States
Parties
- Iridium Communications borrower or issuer
- Lenders: Wells Fargo, Barclays, Deutsche Bank
Similar financings
| Date | Financing | Type | Amount |
|---|---|---|---|
| 19 Jun 2024 | SES acquisition financing for Intelsat | Acquisition finance | €3bn |
| 30 May 2023 | Viasat US$1.35bn acquisition financing for Inmarsat | Acquisition finance | US$1.35bn |
| 3 May 2023 | Maxar take-private by Advent | Acquisition finance | US$6.4bn |
| 30 Dec 2025 | Indra acquisition financing for Hispasat | Acquisition finance | €700m |
| 28 Jun 2026 | Rocket Lab US$3.6bn bridge commitment for the Iridium acquisition | Acquisition finance | US$3.6bn |
More from Iridium Communications
| Date | Financing | Type | Amount |
|---|---|---|---|
| 2 Jul 2026 | Iridium US$183m seller term loan for the Aireon buyout | Acquisition finance | US$183.4m |
| 20 Sep 2023 | Iridium US$1.5bn term loan B and US$100m revolver (2023 amendment) | Bank facility | US$1.6bn |
| 4 Nov 2019 | Iridium US$1,450m credit facility | Bank facility | US$1.45bn |
| 21 Mar 2018 | Iridium US$360m 10.250% senior notes due 2023 | Bond | US$360m |
M&A and investment involving Iridium Communications
| Date | Deal | Type | Value |
|---|---|---|---|
| 7 Jul 2026 | Iridium acquisition of Aireon | M&A | Not disclosed |
| 28 Jun 2026 | Rocket Lab acquisition of Iridium | M&A Announced | US$8bn |
Sources
- Iridium Form 8-K: amendment no. 1 to amended and restated credit agreement sec.gov · 27 Mar 2024
About this record
Record ORB-2024-0015, taken from an issuer, lender or government announcement. Confirmed against the primary documents listed. Amounts are as announced; US$ 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
Acquisition debt is committed before signing, often as a bridge, and refinanced with bonds or term loans once the deal closes.
