PARIS — The scheduled Nov. 4 closing of Iridium’s $1.45-billion term loan and associated $100 million revolver will enable the company to free itself from its decade-old French export-credit loan.
While indispensable to Iridium’s survival in 2010, the loan from Bpifrance, then called Coface, included multiple restrictions including a requirement for a large cash reserve for debt service and other constraints on management.
The new loan, announced Oct. 21, was oversubscribed, with orders of $5 billion, discounted to . . .
To view the entire article, become a subscriber!
