Mobile satellite service company Iridium Communications has confirmed it has received financial commitments of over $1.8 billion from a syndicate of international banks towards the construction of Iridium NEXT; the company’s next-generation satellite constellation.
The credit facility that will be used to finance the construction will have an interest rate below 6%, the majority of which will be fixed rate with a repayment term from 2017 through 2024. Iridium expects to sign the credit facility in September and close soonafter.
Matt Desch, chief executive said: “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.”