Iridium Signs Coface Facility Agreement

Wednesday, October 06, 2010

Iridium Communications Inc. (Nasdaq:IRDM) announced that it has signed the definitive Coface Facility Agreement to finance its next-generation satellite constellation, Iridium NEXT.  The syndicate of nine banks is 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 $1.8b of financing to Iridium for the design and manufacture of Iridium NEXT satellites. The funding under the Facility is subject to customary closing conditions, which are expected to be met shortly.

The credit facility consists of two pro rata tranches.  One tranche of up to $1.537b will bear a fixed interest rate of 4.96% per annum.  The second tranche of up to $.263b will bear a variable interest rated based on LIBOR plus 1.95% per annum.  Based on the current six-month LIBOR, the interest rate on this tranche would be 2.41% per annum.  The repayment period of seven years begins following substantial completion of the Iridium NEXT launch program, which is expected to occur in 2017.  

Société Générale, Goldman Sachs & Co., and Hawkpoint Partners Limited advised Iridium in connection with the financing. 

Maritime Reporter August 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

SatCom

Seasat Wins Contract from Maersk Supply Services

Seasat A/S, the Danish communications services provider, specialized in delivering reliable broadband, television and voice services for the maritime market announces

MN 100: KVH Industries, Inc.

50 Enterprise Center Middletown, RI 02842 Tel: (401) 851-3824 Email: jconnors@kvh.com Website: www.kvh.com President & CEO: Martin Kits van Heyningen   The

SpeedCast Gets Jan De Nul SatCom Contract

SpeedCast International Limited (SpeedCast) says it has been awarded a multi-year contract from Jan De Nul Group, a leading dredging, marine construction, and specialized

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Naval Architecture Navigation Pipelines Port Authority Salvage Ship Electronics Ship Repair Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.3718 sec (3 req/sec)