BETHESDA, Md., Oct. 27, 2009 (GLOBE NEWSWIRE) -- Iridium Communications Inc.
(Nasdaq:IRDM) today announced that it has engaged Goldman, Sachs & Co. as its
lead global advisor on the financing of Iridium NEXT, the company's next
generation satellite constellation. The company continues to expect to fund a
substantial portion of the cost of Iridium NEXT from internally generated cash
flow, as well as revenues derived from hosted payloads on its next generation
constellation and from warrant proceeds. In addition, the recent closing of the
company's merger, which substantially strengthened the company's balance sheet,
has enhanced the opportunity to pursue various financing options. Goldman Sachs
will lead the initiative to secure the remainder of funding necessary to
develop, build and launch the new constellation, which is anticipated to begin
launching in 2014.
Iridium has said that it expects to announce the selection of a prime contractor
in the coming months. Lockheed Martin and Thales Alenia Space are competing to
secure the prime contract for the development of Iridium NEXT.
"Our business performance, including our recent announcement of our entry into
the Mexican market, supports our confidence that a substantial portion of the
cost of our next generation of satellites will be funded from internally
generated cash flow," said Iridium CEO Matt Desch. "We are pleased to have
appointed Goldman Sachs as our lead advisor, and I am confident that we are in
the optimal position to secure the best possible support for Iridium NEXT."
Iridium has also retained Hawkpoint Partners Limited as an additional advisor to
focus on European sources of financing. Hawkpoint is a leading corporate finance
advisor that has worked with Iridium in the past as it completed its transition
from private to public company. Hawkpoint's experience and focus on Europe will
complement Goldman Sachs' global efforts in support of all potential
vendor-supported financing opportunities.
About Iridium Communications Inc.
Iridium is the only provider of mobile satellite communications services
offering 100% global coverage. Iridium's constellation operates in a low-earth
orbit and its satellite network provides communication services to regions of
the world not served by wireless or wireline networks. Iridium offers voice and
data communications services to the U.S. and foreign governments, businesses,
non-governmental organizations and consumers via its constellation of 66
in-orbit satellites, in-orbit spares and related ground infrastructure.
Iridium's commercial end-user base includes the emergency services, maritime,
government, utilities, oil and gas, mining, leisure, forestry, construction and
transportation markets. Iridium's products and related applications are
installed in unmanned aerial vehicles, helicopters, commercial aircraft, marine
vessels, and ground vehicles. Iridium has launched a major development program
for its next-generation constellation, Iridium NEXT, which will support new and
existing Iridium product and service offerings. Iridium is headquartered in
Bethesda, MD.
-0-
CONTACT: Iridium Communications Inc.
Press Contact:
Liz DeCastro
+1 (301) 571-6257
liz.decastro@iridium.com
Rhodes Communications
Press Contact:
Jim Rhodes
+1 (757) 451-0602
jrhodes@rhodescomm.com
