Milbank LLP represented Iridium Satellite LLC (“Iridium”), the operating subsidiary of Iridium Communications Inc. (NASDAQ: IRDM), in entering into an amendment to its existing senior secured first lien credit facility, which provided for the refinancing of all of Iridium’s outstanding term loans to effect an interest rate reduction of 25 basis points.
Milbank also represented Iridium in connection with the existing senior secured first lien credit facility, including the $125 million of incremental term loans incurred March 25, 2024, the proceeds of which were utilized in part as consideration for Iridium’s acquisition of Satelles, Inc.
Iridium is a global satellite communications company, providing access to reliable voice and data services anywhere on Earth.
The Milbank team advising on the refinancing term loans 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.
