Iridium Communications Inc. Enters Material Definitive Agreement

TL;DR

IRDM signed a big deal, new financial obligations incoming.

AI Summary

On July 30, 2024, Iridium Communications Inc. entered into a material definitive agreement related to financial obligations. The company, previously known as GHL Acquisition Corp., is incorporated in Delaware and headquartered in McLean, VA.

Why It Matters

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

Risk Assessment

Risk Level: medium — Entering into material definitive agreements can introduce new financial risks or obligations that require careful monitoring.

Key Players & Entities

• Iridium Communications Inc. (company) — Registrant
• GHL Acquisition Corp. (company) — Former company name
• July 30, 2024 (date) — Date of report and earliest event
• Delaware (jurisdiction) — State of incorporation
• McLean, VA (location) — Business address

FAQ

Key Financial Figures

• $0.001 — ge on which registered Common Stock, $0.001 par value IRDM The Nasdaq Stock Market
• $200 million — dment, Satellite borrowed an additional $200 million of term loans on the same terms as the
• $1.62 b — ame terms as the existing term loans of $1.62 billion, bearing interest at a per annum
• $50 million — t to the Amendment to repay in full the $50 million outstanding on its revolving credit fac

Filing Documents

• irdm-20240730.htm (8-K) — 27KB
• ex101amendmentno3toamended.htm (EX-10.1) — 2205KB
• 0001628280-24-033456.txt ( ) — 2690KB
• irdm-20240730.xsd (EX-101.SCH) — 2KB
• irdm-20240730_lab.xml (EX-101.LAB) — 22KB
• irdm-20240730_pre.xml (EX-101.PRE) — 13KB
• irdm-20240730_htm.xml (XML) — 3KB

01. Entry into a Material Definitive Agreement

Item 1.01. Entry into a Material Definitive Agreement. On July 30, 2024, Iridium Satellite LLC ("Satellite"), the Registrant's principal operating subsidiary, as the borrower, entered into Amendment No. 3 (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; with Deutsche Bank Securities Inc., Royal Bank of Canada, Barclays Bank PLC, and Wells Fargo Securities, LLC as Joint Lead Arrangers and Bookrunners (the"Credit Agreement"). Pursuant to the Amendment, Satellite borrowed an additional $200 million of term loans on the same terms as the existing term loans of $1.62 billion, bearing interest at a per annum rate of SOFR plus an interest rate margin of 2.25%, with a 0.75% SOFR floor and maturing on September 20, 2030. The term loan borrowings pursuant to the Amendment are fungible with the existing term loan borrowings. The term loan borrowings pursuant to the Amendment were issued with a discount of 1.00% to face value . Satellite used a portion of the proceeds from borrowings of term loans pursuant to the Amendment to repay in full the $50 million outstanding on its revolving credit facility and intends to use the remaining proceeds for general corporate purposes, including the acceleration of share repurchases under its previously announced share repurchase program, as well as the payment of expenses incurred relating to the Amendment. 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

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits. (d) Exhibits. Exhibit Number Description 10.1 Amendment No. 3, dated as of July 30, 2024, to the Amended and Restated Credit Agreement, dated September 20, 2023, 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: July 30, 2024 By: /s/ Matthew J. Desch Name: Matthew J. Desch Title: Chief Executive Officer 3

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View this 8-K filing on SEC EDGAR