Company: IRDM
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0001628280-25-005302
Chunk: 135

Company: Iridium Communications Inc.
Filing Date: 2025-02-13
Form: 10-K
Item: Item 8
Chunk 135
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 The Credit Agreement contains other customary representations and warranties, affirmative and negative covenants, and events of default. The Company was in compliance with all covenants as of December 31, 2024.Interest on DebtTotal interest incurred includes amortization of deferred financing fees and capitalized interest. The Company incurred third-party financing costs of $15.9 million in connection with the refinancing of the Term Loan in September 2023, of which $14.7 million was expensed. All third-party financing costs incurred during the years ended December 31, 2024 and 2023 were expensed. All amounts expensed are included within interest expense on the consolidated statements of operations and comprehensive income (loss).The following table presents the interest and amortization of deferred financing fees related to the Term Loan:Year Ended December 31,202420232022(In thousands)Total interest incurred$102,758 $102,321 $72,090 Amortization of deferred financing fees$2,660 $3,958 $4,760 Capitalized interest$5,042 $5,086 $2,590 As of December 31, 2024 and 2023, accrued interest under the Term Loan was $0.3 million and $1.0 million, respectively.

72

Total DebtThe following table presents future minimum principal repayments with respect to the Term Loan existing at December 31, 2024, by year and in the aggregate:Year ending December 31,Amount (In thousands)2025$33,118 20263,402 202718,260 202818,260 202918,260 Thereafter1,716,445 Total debt commitments1,807,745 Less: Original issuance discount16,860 Less: Total short-term debt33,118 Total long-term debt, net$1,757,767 

The table above includes only the cash flow sweep amount payable in 2025 with respect to 2024 excess cash. The schedule excludes future amounts that may be required to be prepaid pursuant to the excess cash flow sweep provision of the Credit Agreement, as those amounts are not determinable in advance. 

7. Derivative Financial Instruments 

The Company is exposed to interest rate fluctuations related to its Term Loan. The Company has reduced its exposure to fluctuations in the cash flows associated with changes in the variable interest rate by entering into offsetting positions through the use of interest rate h