Iridium Communications Inc. (formerly known as GHL Acquisition Corp.) was incorporated under the laws of the state of Delaware on November 2, 2007; completed its initial public offering on February 1, 2008; and initially listed its common stock, warrants and units on the NYSE AMEX under the symbols GHQ, GHQW and GHQU, respectively. On September 24, 2009, following shareholder approval of the acquisition by GHL Acquisition Corp. of Iridium Holdings LLC, GHL Acquisition Corp. began trading on NASDAQ under the IRDM trading symbol. At the closing of the acquisition on September 29, 2009, GHL Acquisition Corp. was renamed Iridium Communications Inc.
We provide voice and data communications services to businesses, the U.S. and foreign governments, non-governmental organizations and consumers. Our commercial end-user base, which we view as our primary growth engine, is diverse and includes markets such as emergency services, maritime, government, utilities, oil and gas, mining, leisure, forestry, construction and transportation. Many of our end-users view our products and services as critical to their daily operations and integral to their communications and business infrastructure. For example, multinational corporations in various sectors use our services for business telephony, e-mail and data transfer services and to provide mobile communications services for employees in areas inadequately served by terrestrial networks.
Please follow these links for a comprehensive list of all our products and services.
We provide this information in our Annual Report. Please visit our SEC Filings Archive to refer to our most recent annual report.
On November 4, 2019, Iridium Satellite entered into a Credit Agreement with Deutsche Bank AG New York Branch as Administrative Agent and Collateral Agent, pursuant to which it borrowed $1.45 billion as a seven-year term loan, which it used to prepay its previous BPIAE Credit Facility. The Credit Agreement also provides for a $100 million, five-year revolving loan facility. The term loan initially bore interest at a per annum rate of LIBOR plus an interest rate margin of 3.75%, with a 1.0% LIBOR floor, and was issued at a discount of 0.5% to face value. Borrowings under the revolving facility bear interest initially at the same per annum rate, with a 0.0% LIBOR floor, no original issue discount, and a commitment fee of 0.5% per year on the undrawn amount. The interest rate margin applicable to the revolving facility (but not the term facility) will drop to 3.50% if Iridium has a consolidated total net leverage ratio (as defined in the Credit Agreement) of less than 3.5 to 1 but greater than or equal to 3.0 to 1 and will drop to 3.25% if Iridium has a consolidated total net leverage ratio of less than 3.0 to 1. The commitment fee rate applicable to the revolving facility will drop to 0.375% if Iridium has a consolidated total net leverage ratio of less than 3.5 to 1. The Credit Agreement also provides for principal payments of 1% per year, with the remaining amount paid at maturity.
On February 7, 2020, the Company closed on an additional $200 million under the term loan. On February 13, 2020, the Company used these proceeds, together with cash on hand, to prepay all of the indebtedness outstanding under its 10.25% senior unsecured notes, including premiums for early prepayment. The additional amount borrowed under the term loan is fungible with the original $1.45 billion, having the same maturity date, interest rate and other terms, but was issued at a 1.0% premium to face value.
As of December 31, 2020, the Company reported an aggregate balance of $1.64 billion in borrowings under the Term Loan.
On January 20, 2021, Iridium Satellite entered into an amendment of its Credit Agreement. Pursuant to this Amendment, the interest rate was reduced to a per annum rate of LIBOR plus a margin of 2.75%, with a 1.00% LIBOR floor. All other material terms of the Credit Agreement remained the same.
Most recently, on July 28, 2021, Iridium Satellite entered into another amendment of its Credit Agreement. Pursuant to this Amendment, the interest rate was reduced to a per annum rate of LIBOR plus a margin of 2.50%, with a 0.75% LIBOR floor. The borrowings under the Credit Agreement, as amended by this Amendment, were issued at a discount of 0.25% to face value. All other material terms of the Credit Agreement remain the same.
For more information, please visit our SEC Filings Archive to refer to our most recent filings.
Our headquarters is located in McLean, Virginia, but we have offices and network facilities around the world including Alaska, Arizona, Canada and Norway.
As of December 31, 2022, we had 658 full-time employees.
Iridium’s common stock trades on the NASDAQ Global Select Market under the ticker symbol IRDM (common stock).
Our fiscal year ends on December 31. Our quarters end on March 31, June 30, September 30 and December 31.
Most of Iridium's financial documents are available for viewing and download under the Financial Reports section on the Investor Relations site. If you would like a hard copy of our investor kit or any of these documents, you can e-mail email@example.com or fill out the request form at Contact Us.
We generally hold our Annual Meeting of Stockholders in the month of May. Additional information can be found in our proxy statement for the relevant year here.
No. Iridium does not currently have a direct stock purchase plan. You can purchase Iridium common stock through a registered brokerage or stock purchase service provider of your choice.
Iridium's Board of Directors initiated a quarterly dividend program on December 8, 2022 and declared the first ever cash dividend on Iridium's common stock of $0.13 per share. The dividend is payable on March 30, 2023 to stockholders of record at close of business on March 15, 2023. Iridium intends to continue to pay regular quarterly dividends, subject to Board approval.
A transfer agent is a regulated organization that keeps track of stockholder records and information. Our transfer agent can assist you with all questions regarding your stock certificates, including address changes and transferring or issuing certificates. Please contact:
American Stock Transfer and Trust Company
40 Wall Street, 46th Floor
New York, NY 10005
Web site: www.amstock.com
If you require additional information on Iridium, please feel free to contact us at firstname.lastname@example.org or fill out the request form at Contact Us.
1750 Tysons Blvd.
McLean, VA 22102