MCLEAN, Va. – August 4, 2010 – Iridium Communications Inc. (Nasdaq:IRDM) announced today that it has received in excess of $1.8 billion of commitments from a syndicate of preeminent international banks in connection with the credit facility that will be used to finance the construction of the company’s next-generation satellite constellation, Iridium NEXT. The facility will bear an interest rate below six percent, the majority of which will be fixed rate and will have a repayment term from 2017 through 2024. Iridium expects to sign the credit facility in September and close shortly thereafter. The closing of the facility will be subject to customary conditions as well as conditions relating to the then-current Euro-to-U.S. dollar exchange rate.
Matt Desch, Iridium’s CEO, commented, “This represents another important milestone for Iridium, and we are extremely pleased with the interest in our facility and corresponding support for Iridium. The development of Iridium NEXT is in full swing with our prime contractor, Thales Alenia Space, and we’re on target to launch the first Iridium NEXT satellites in early 2015.”
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).