Home / Financial Report / Iridium Communications Secures $1.8 Billion in Financing for Satellites; CEO Matt Desch Comments

Iridium Communications Secures $1.8 Billion in Financing for Satellites; CEO Matt Desch Comments

Iridium Communications (NASDAQ: IRDM) has reached a deal with finance syndicate Coface to fund the manufacture and design of Iridium’s next-generation NEXT satellites.

Constituent banks will provide up to $1.8 billion in financial backing for the company.

“Iridium is pleased to have received the backing of such a world class team of financial institutions, ” said Matt Desch, Iridium’s CEO.  “Our requirements development process is well underway.  Planning and design for the satellites and constellation are on schedule.  Both our teams and roster of partners are growing quickly.  On the overall Iridium NEXT program, we expect to spend approximately $600 million by the end of 2011. Of this spend, approximately $400 million will be funded under the Facility.”

Check Also

BAE Selected to Develop Cybersecurity Tools for DARPA’s SafeDocs Initiative

The Defense Advanced Research Projects Agency has awarded BAE Systems a contract to develop two cybersecurity tools designed to protect electronic files as part of DARPA's Safe Documents program.

Accenture’s Federal Unit to Support Army ERP System Under Potential $76M Contract

Accenture's (NYSE: ACN) federal services business has won a potential six-year, $75.8M hybrid contract to provide support services for the U.S. Army's unified enterprise resource planning system.