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.”