secwatch.observer — SEC 8-K summary
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Issuer:     Iridium Communications Inc. (IRDM)
CIK:        0001418819
Form:       8-K
Filed at:   2023-09-20T23:59:59+00:00
Accession:  0001193125-23-238552
Event type: debt
Sentiment:  neutral
Materiality: 0.50
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Iridium enters $1.5B amended credit facility; $100M revolver added
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1418819/000119312523238552/0001193125-23-238552-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1418819/000119312523238552/d519511d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-23-238552

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