Iridium Communications Inc. (IRDM): debt financing — Iridium enters $1.5B amended credit facility; $100M revolver added

Iridium Communications Inc.

Borrowed $1.5 billion term loan (7-yr) to refinance $1.496B of existing debt and pay costs.
New $100 million 5-year revolving loan facility; interest at Term SOFR + 2.50% (0.75% floor for term loans).
No financial maintenance covenants on term loan; revolver requires leverage ratio ≤6.25x if drawn >35%.
Commitment fee of 0.50% on undrawn revolver; drops to 0.375% if net leverage below 3.5x.
Guarantors include Holdings, Carrier Holdings, Carrier Services, Constellation, Government Services; secured by substantially all assets.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Iridium Communications Inc. incurred term loan of $1,500 million with Deutsche Bank AG New York Branch at Term SOFR plus an interest rate margin of 2.50%, with a 0.75% SOFR floor maturing seven-year term loan facility.

Instrument: term loan
Principal: $1,500 million
Counterparty: Deutsche Bank AG New York Branch
Rate: Term SOFR plus an interest rate margin of 2.50%, with a 0.75% SOFR floor
Maturity: seven-year term loan facility
Event: incurrence

Exact text from the filing

Pursuant to the Amended and Restated Credit Agreement, Satellite borrowed $1,500 million as a seven-year term loan facility

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Iridium Communications Inc. incurred revolving credit of $100 million, five-year revolving loan facility with Deutsche Bank AG New York Branch at Term SOFR plus an interest rate margin of 2.50%, with a 0.0% SOFR floor, no orig maturing five-year.

Instrument: revolving credit
Principal: $100 million, five-year revolving loan facility
Counterparty: Deutsche Bank AG New York Branch
Rate: Term SOFR plus an interest rate margin of 2.50%, with a 0.0% SOFR floor, no orig
Maturity: five-year
Event: incurrence

Exact text from the filing

The Amended and Restated Credit Agreement also provides for a $100 million, five-year revolving loan facility

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Iridium Communications Inc. amended Amendment and Restatement Agreement with Deutsche Bank AG New York Branch valued at $1,500 million (effective 2023-09-20).

Action: amendment
Agreement: credit facility
Counterparty: Deutsche Bank AG New York Branch
Value: $1,500 million
Effective: 2023-09-20

Exact text from the filing

On September 20, 2023, Iridium Satellite LLC (“Satellite”), the Registrant’s principal operating subsidiary, as the borrower, entered into Amendment and Restatement Agreement (the “Amendment and Restatement”) to amend and restate its existing Credit Agreement, dated as of November 4, 2019

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101 debt financings filed in the last 30 days. Browse all debt financings →

Iridium Communications Inc. filing history →

Source: SEC EDGAR

accession 0001193125-23-238552

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