Milbank LLP represented Iridium Satellite LLC (“Iridium”), the operating subsidiary of Iridium Communications Inc. (NASDAQ: IRDM), in the refinancing of its senior secured first lien credit facility via an amendment and restatement. The new credit facility, which consists of $1.5 billion in first lien term loans and a $100 million first lien revolving credit facility, replaced all term loans that were outstanding immediately prior to the amendment and restatement and extended the maturity of the term loans and revolving commitments. Milbank also represented Iridium in connection with the original senior secured first lien credit facility.
Iridium is a global satellite communications company, providing access to reliable voice and data services anywhere on Earth.
The Milbank team advising on the term loan was led by New York-based Global Leveraged Finance partner Michael J. Bellucci, and included Transportation and Space partner Dara A. Panahy, Global Project, Energy and Infrastructure Finance partner Daniel J. Michalchuk and associates Natasha Graham, Jordan Hall and Irene Ittisarnronnachai.
