Aug
4,
2010
Iridium
Communications
Inc.
/quotes/comstock/15*!irdm/quotes/nls/irdm
has
received
in
excess
of
$1.8
billion
of
commitments
from
a
syndicate
of
preeminent
international
banks
in
connection
with
the
credit
facility
that
will
be
used
to
finance
the
construction
of
the
company's
next-generation
satellite
constellation,
Iridium
NEXT.
The
facility
will
bear
an
interest
rate
below
six
percent,
the
majority
of
which
will
be
fixed
rate
and
will
have
a
repayment
term
from
2017
through
2024.
Iridium
expects
to
sign
the
credit
facility
in
September
and
close
shortly
thereafter.
The
closing
of
the
facility
will
be
subject
to
customary
conditions
as
well
as
conditions
relating
to
the
then-current
Euro-to-U.S.
dollar
exchange
rate.
Matt
Desch,
Iridium's
CEO,
commented,
"This
represents
another
important
milestone
for
Iridium,
and
we
are
extremely
pleased
with
the
interest
in
our
facility
and
corresponding
support
for
Iridium.
The
development
of
Iridium
NEXT
is
in
full
swing
with
our
prime
contractor,
Thales
Alenia
Space,
and
we're
on
target
to
launch
the
first
Iridium
NEXT
satellites
in
early
2015."
