Iridium Communications Inc. Enters Material Definitive Agreement

TL;DR

IRDM inked a big deal, creating a new financial obligation. Details inside.

AI Summary

On June 4, 2024, Iridium Communications Inc. entered into a material definitive agreement related to a direct financial obligation. The filing details the creation of this obligation under an off-balance sheet arrangement. Specific details regarding the nature of the agreement and the financial obligation are provided within the filing.

Why It Matters

This filing indicates a significant financial commitment or obligation for Iridium Communications Inc., which could impact its financial standing and future operations.

Risk Assessment

Risk Level: medium — The creation of a new material definitive agreement and financial obligation introduces potential risks related to the terms, execution, and financial impact on the company.

Key Players & Entities

• Iridium Communications Inc. (company) — Registrant
• June 4, 2024 (date) — Date of earliest event reported
• GHL Acquisition Corp. (company) — Former company name

FAQ

Key Financial Figures

• $0.001 — ge on which registered Common Stock, $0.001 par value IRDM The Nasdaq Stock Market

Filing Documents

• irdm-20240604.htm (8-K) — 27KB
• ex101amendmentno2toamended.htm (EX-10.1) — 2216KB
• 0001418819-24-000030.txt ( ) — 2702KB
• irdm-20240604.xsd (EX-101.SCH) — 2KB
• irdm-20240604_lab.xml (EX-101.LAB) — 22KB
• irdm-20240604_pre.xml (EX-101.PRE) — 13KB
• irdm-20240604_htm.xml (XML) — 3KB

01. Entry into a Material Definitive Agreement

Item 1.01. Entry into a Material Definitive Agreement. On June 4, 2024, Iridium Satellite LLC ("Satellite"), the Registrant's principal operating subsidiary, as the borrower, entered into Amendment No. 2 (the "Amendment") to its existing Amended and Restated Credit Agreement, dated as of September 20, 2023, with Iridium Holdings LLC ("Holdings"), as guarantor; solely with respect to Section 10.12 thereof, the Registrant; various lenders; and Deutsche Bank AG New York Branch, as Administrative Agent and Collateral Agent (as previously amended on March 25, 2024, the "Existing Credit Agreement" and as amended by the Amendment, the "Credit Agreement") . Deutsche Bank Securities Inc., Barclays Bank PLC, RBC Capital Markets and Wells Fargo Securities LLC acted as Joint Lead Arrangers for the Amendment. Pursuant to the Amendment, the interest rate, which was previously a per annum rate of SOFR plus a margin of 2.50%, with a 0.75% SOFR floor under the Existing Credit Agreement, was reduced to a per annum rate of SOFR plus a margin of 2.25%, with a 0.75% SOFR floor. The borrowings under the Credit Agreement were issued at par. The prepayment premium in respect of the borrowings was refreshed to apply until 6 months after June 4, 2024 in accordance with the terms of the Credit Agreement. All other material terms of the Credit Agreement remain the same as in the Existing Credit Agreement. The foregoing description of the material terms of the Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the Amendment, which is filed as Exhibit 10.1 to this report and is incorporated herein by reference. Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance-Sheet Arrangement of Registrant. The information set forth under Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference.

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits. (d) Exhibits. Exhibit Number Description 10.1 Amendment No. 2, dated as of June 4, 2024, among Iridium Holdings LLC, Iridium Satellite LLC, the other guarantors party thereto, the various lenders party thereto and Deutsche Bank AG New York Branch, as Administrative Agent and Collateral Agent, which amends the Amended and Restated Credit Agreement, dated September 20, 2023 (as previously amended on March 25, 2024), among Iridium Holdings LLC, Iridium Communications Inc., Iridium Satellite LLC, various lenders, and Deutsche Bank AG New York Branch, as Administrative Agent and Collateral Agent. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document).* * Submitted electronically with this Report in accordance with the provisions of Regulation S-T 2 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. IRIDIUM COMMUNICATIONS INC. Date: June 4, 2024 By: /s/ Matthew J. Desch Name: Matthew J. Desch Title: Chief Executive Officer 3

View Full Filing

View this 8-K filing on SEC EDGAR