Iridium Concludes Financing for Iridium Next
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MCLEAN, Va., October 28, 2010 - Iridium Communications Inc. (Nasdaq:IRDM) today announced that it has successfully closed the financing facility for its next generation satellite constellation, Iridium NEXT. The facility is provided by a syndicate of nine banks led by Deutsche Bank AG, Banco Santander SA, Société Générale, Natixis and Mediobanca International S.A., and includes BNP Paribas, Crédit Industriel et Commercial, Intesa Sanpaolo S.p.A. and Unicredit Bank Austria AG. They will provide up to $1.8 billion of financing to Iridium for the design and manufacture of Iridium NEXT satellites.
"We are extremely pleased with the size of the facility, which together with internally generated cash flow, we continue to believe is sufficient to fully fund our next generation of satellites," said Tom Fitzpatrick, CFO, Iridium. "We are also obviously pleased with the facility's highly attractive funding cost, long-term nature, and with the covenants and other terms that have been agreed. We are proud to be associated with the pre-eminent group of lenders that have participated in the facility and believe their support speaks well of our future prospects."
In connection with the closing of the financing, Iridium's Full Scale System Development Contract with Thales Alenia Space became effective, replacing the existing Authorization to Proceed.
About Iridium Communications Inc.
Iridium Communications Inc. (www.iridium.com) is the only mobile satellite service (MSS) company offering coverage over the entire globe. The Iridium constellation of low-Earth orbiting (LEO) cross-linked satellites provides critical voice and data services for areas not served by terrestrial communication networks. Iridium serves commercial markets through a worldwide network of distributors, and provides services to the U.S. Department of Defense and other U.S. and international government agencies. The company's customers represent a broad spectrum of industry, including maritime, aeronautical, government/defense, public safety, utilities, oil/gas, mining, forestry, heavy equipment and transportation. Iridium has launched a major development program for its next-generation satellite constellation, Iridium NEXT. The company is headquartered in McLean, Va., U.S.A. and trades on the NASDAQ Global Market under the ticker symbols IRDM (common stock), IRDMW ($7.00 warrants), IRDMZ ($11.50 warrants) and IRDMU (units).
Press Contact:
Liz DeCastro
Iridium Communications Inc.
liz.decastro@iridium.com
+1 (703) 287-7421
