Press Release

Iridium Closes $32 Million Credit Facility with Bank of America

By SpaceRef Editor
June 15, 2005
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Iridium Closes $32 Million Credit Facility with Bank of America

Iridium Satellite LLC, the global supplier of mobile satellite communication services, today announced it has closed a $32 million senior secured credit facility with Bank of America N.A., a wholly owned subsidiary of Bank of America (NYSE:BAC).  Iridium Chief Financial Officer Richard Halka said, “We are especially pleased to have entered into this agreement with Bank of America. We have raised more than $97 million in bank financing.  Our business continues to grow through an emphasis on generating new subscribers while maintaining a low cost base. Our financing activity with Bank of America has enabled us to consolidate debt, reduce interest expense and further enhance the bottom line.”

About Iridium Satellite

Iridium Satellite LLC ( is the only provider of truly global satellite voice and data solutions with complete coverage of the earth (including oceans, airways and Polar Regions).  Iridium delivers essential communications services to and from remote areas where no other form of communication is available.  Iridium makes this possible through its constellation of 66 low-earth orbiting (LEO), cross-linked satellites and 12 in-orbit spares.  The Iridium service is ideally suited for industries such as maritime, aviation, government/military, emergency/humanitarian services, mining, forestry, oil and gas, heavy equipment, transportation and utilities.  Iridium provides service to the U.S. Department of Defense, and sells equipment and services through 44 service providers.  In addition, 36 value-added manufacturers, 28 value-added resellers and four value-added developers design, build and sell Iridium-based products and solutions.

SpaceRef staff editor.