Iridium US$200m incremental term loan (2024)
Repay the US$50m drawn on the revolver; general corporate purposes including share repurchases
Key terms
- Borrower or issuer
- Iridium Communications
- Date
- 30 Jul 2024
- Type
- Bank facility
- Amount
- US$200m
- Pricing
- SOFR + 2.25% (0.75% floor), issued at 99
- Maturity
- 2030-09-20
Recorded terms
- Structure
- Amendment No. 3 to the September 2023 credit agreement: US$200m added to the US$1.62bn term loan, fungible with it
- Lenders and arrangers
- Deutsche Bank AG New York Branch, administrative and collateral agent; joint lead arrangers and bookrunners: Deutsche Bank Securities, Royal Bank of Canada, Barclays, Wells Fargo Securities
- Country
- United States
Parties
- Iridium Communications borrower or issuer
- Lenders: Wells Fargo, Barclays, Deutsche Bank, RBC Capital Markets
Similar financings
| Date | Financing | Type | Amount |
|---|---|---|---|
| 11 Apr 2024 | BlackSky US$20m revolving credit facility (Stifel Bank) | Bank facility | US$20m |
| 28 Mar 2024 | Inmarsat US$1.85bn term loan and revolver refinancing (2024) | Bank facility | US$1.85bn |
| 10 Oct 2023 | Aireon US$175m secured term loans | Bank facility | US$175m |
| 30 May 2025 | Voyager Technologies US$200m revolving credit facility (2025) | Bank facility | US$200m |
| 13 Jun 2025 | Redwire US$90m term loan for the Edge Autonomy acquisition | Bank facility | US$90m |
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 |
| 25 Mar 2024 | Iridium US$125m incremental term loan for the Satelles acquisition | Acquisition finance | US$125m |
| 20 Sep 2023 | Iridium US$1.5bn term loan B and US$100m revolver (2023 amendment) | Bank facility | US$1.6bn |
| 7 Feb 2020 | Iridium US$200m incremental term loan (2020) | Bank facility | US$200m |
| 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$8bn |
Sources
- Iridium Form 8-K: Amendment No. 3 to credit agreement sec.gov · 30 Jul 2024
About this record
Record ORB-2024-0017, taken from an issuer, lender or government announcement. Confirmed against the primary documents listed. Amounts are as announced; US$ 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.
