TUPPER LAKE, NY — Mobile satellite services provider Iridium Communications Inc. is so convinced that its stock is undervalued that it is taking on additional debt for the sole purpose of repurchasing shares.
The company said it will increase its leverage target from 2.5 times EBITDA in 2026 to just under 4x EBITDA. As of June 30 it was 3.5 times EBITDA.
In a July 23 investor call, Chief Financial Officewr Thomas J. Fitzpatrick said the new debt will not change the company’s commitment to . . .
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