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Iridium Communications Inc Prices $100 Million Private Offering of 7% Series A Cumulative Perpetual Convertible Preferred Stock


Friday, 28 Sep 2012 08:00am EDT 

Iridium Communications Inc announced that it has priced a private offering of 1,000,000 shares of 7% Series A Cumulative Perpetual Convertible Preferred Stock, with a liquidation preference of $100 per share (the Preferred Stock). The Preferred Stock will be sold in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the Securities Act), and to other qualified investors in reliance on Regulations under the Securities Act. The sale of the Preferred Stock is expected to close on October 3, 2012. Holders of the Preferred Stock will be entitled to receive cumulative cash dividends, if and when declared by Iridium's board of directors, accruing at a rate of 7% per annum (equivalent to an annual rate of $7.00 per share). The dividend on each share of Preferred Stock is payable quarterly in arrears, commencing on December 15, 2012. 

Company Quote

8.23
-0.18 -2.14%
4:00pm EDT