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(Registrant’s telephone number, including area code)
_____________________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below):
i☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
i☐ Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
i☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
i☐ Pre-commencement communications pursuant to Rule 13e-4(c) under Exchange Act (17 CFR 240.13e-4(c))
Securities
registered pursuant to Section 12(b) of the Act:
Title of each class
Trading
Symbol(s)
Name of each exchange
on which registered
iCommon
Stock, $0.001 par value
iIRDM
iThe Nasdaq Stock Market LLC
Indicate by check mark whether the registrant is an emerging growth company as defined
in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company i☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 1.01. Entry into a Material Definitive Agreement.
On March 25, 2024, Iridium Satellite LLC (“Satellite”), the Registrant’s principal operating subsidiary, as the borrower, entered into Amendment No. 1 (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., 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 $125 million of term loans on the same terms as the existing term loans of $1.5 billion, bearing interest at a per annum rate of SOFR plus an interest rate margin of 2.5%, 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.While the existing term loan borrowings were issued at a discount of 0.25% to face value, term loan borrowings
pursuant to the Amendment were issued with a discount of 0.125% to face value.
Satellite intends to use the $125 million proceeds from borrowings of term loans pursuant to the Amendment and cash on hand to fund the acquisition by the Registrant of the outstanding equity of Satelles, Inc., pursuant to a Merger Agreement, dated as of March 2, 2024, and associated expenses, including expenses related 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 Arrangement of Registrant.
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
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.
