UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
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| Item 1.01. | Entry into a Material Definitive Agreement. |
On January 20, 2021, Iridium Satellite LLC (“Satellite”), the Registrant’s principal operating subsidiary, as the borrower, entered into Amendment No. 2 (the “Amendment”) to its existing Credit Agreement, dated as of November 4, 2019, with Iridium Holdings LLC (“Holdings”), as parent and guarantor; various lenders; and Deutsche Bank AG New York Branch, as Administrative Agent and Collateral Agent; with Deutsche Bank Securities Inc., Barclays Bank PLC, Credit Suisse Loan Funding LLC, and Wells Fargo Securities, LLC, as Joint Lead Arrangers and Bookrunners, as previously amended on February 7, 2020 (the “Credit Agreement”).
Pursuant to the Amendment, the interest rate, which was previously a per annum rate of LIBOR plus a margin of 3.75%, with a 1.0% LIBOR floor, was reduced to a per annum rate of LIBOR plus a margin of 2.75%, maintaining the 1.0% LIBOR floor. All other material terms of the Credit Agreement remain the same.
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. |
The information set forth under Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference.
| Item 9.01. | Financial Statements and Exhibits. |
(d) Exhibits.
| Exhibit |
Description | |
| 10.1† | Amendment No. 2 to Credit Agreement dated November 4, 2019 among Iridium Holdings LLC, Iridium Communications Inc., Iridium Satellite LLC, Various Lenders, and Deutsche Bank AG New York Branch, as Administrative Agent and Collateral Agent, dated as of January 20, 2021. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document).* | |
| † | Exhibits have been omitted pursuant to Item 601(a)(5) of Regulation S-K and will be furnished on a supplemental basis to the Securities and Exchange Commission upon request. |
| * | 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.
| IRIDIUM COMMUNICATIONS INC. | ||||||
| Date: January 20, 2021 | By: | /s/ Thomas J. Fitzpatrick | ||||
| Name: | Thomas J. Fitzpatrick | |||||
| Title: | Chief Financial Officer | |||||