INDUSTRY INNOVATIONS: Iridium Gets Financing For New Satellites

Iridium Communications Inc. said it has received credit commitments in excess of $1.8 billion from a syndicate of international banks to finance construction of the company’s next-generation satellite constellation, Iridium NEXT.

The credit facility will bear an interest rate below six percent, the majority of which will be fixed and will have a repayment term from 2017 through 2024. Iridium expects to sign the facility in September.

“This represents another important milestone for Iridium, and we are extremely pleased with the interest in our facility and corresponding support,” said Iridium CEO Matt Desch. “We’re on target to launch the first Iridium NEXT satellites in early 2015.”

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