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Iridium prices $360M in senior notes

Published 03/16/2018, 01:12 PM
Updated 03/16/2018, 01:12 PM
© Reuters.  Iridium prices $360M in senior notes
  • Iridium Communications (IRDM +1.6%) has priced $360M in senior debt.
  • The company is offering that amount in senior unsecured notes due 2023 at 10.25% interest per annum, maturing April 15, 2023.
  • Net proceeds will repay bills of exchange issued to Thales Alenia Space France, clearing $59.9M in deferred payment obligations; make $44.4M in milestone payments to Thales; and fund $87M into debt service reserve under an existing $1.8B credit facility.
  • Now read: BlackBerry: John Chen Renews His Extraordinary Compensation


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