Iridium launches $200 million term loan B at 100.5 area issue price

By Sara Rosenberg

New York, Jan. 15 – Iridium Satellite LLC launched on Wednesday its $200 million incremental covenant-lite term loan B due November 2026 with issue price talk in the 100.5 area, according to a market source.

Pricing on the incremental term loan is Libor plus 375 basis points, in line with existing term loan B pricing.

Deutsche Bank Securities Inc., Barclays, Credit Suisse Securities (USA) LLC and Wells Fargo Securities LLC are the bookrunners on the deal.

Commitments are due at noon ET on Thursday, the source added.

Proceeds will be used with cash on hand to redeem the company’s existing $360 million unsecured notes.

Iridium is a McLean, Va.-based satellite communications company.

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