Amends Credit Agreement for Rocket Lab Merger, Increases Interest Rate

What did Iridium Communications Inc. announce?

Iridium Communications amended its credit agreement to facilitate its merger with Rocket Lab, preventing a change of control and adjusting interest rates.

Key details

• Amended Credit Agreement to prevent the Rocket Lab merger from constituting a "Change of Control".
• Lenders consented to the Transaction, allowing term loans to remain outstanding.
• Interest rate for Term B-4 Loans increased to SOFR plus 2.50%-3.00% or Base Rate plus 1.50%-2.00% post-merger, based on credit ratings.
• A prepayment premium of 1.00% for repricing transactions and an exit fee of 1.00% for prepaid term loans after the first anniversary were added.

Why it matters

This 425 reports a merger or acquisition at Iridium Communications Inc.. The likely share-price reaction reads as neutral.

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All Iridium Communications Inc. SEC filings →