Company: IRDM
Filing Date: 2025-04-22
Form Type: 10-Q
Source: 0001628280-25-018712
Chunk: 9

Company: Iridium Communications Inc.
Filing Date: 2025-04-22
Form: 10-Q
Item: Part I, Item 8
Chunk 9
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2025 and 2024, respectively.

Goodwill

As of March 31, 2025 and December 31, 2024, the Company’s goodwill balance was $98.9 million and $98.2 million, respectively. The goodwill balance was a result of the acquisition of Satelles, Inc. (see Note 11).

5. DebtTerm Loan and Revolving FacilityPursuant to a credit agreement (as amended to date, the “Credit Agreement”), the Company previously entered into a term loan totaling $1,500.0 million (as so amended and restated, the “Term Loan”), issued at a price equal to 99.75% of its face value, and an accompanying $100.0 million revolving loan (the “Revolving Facility”). The maturity date of the Term Loan is in September 2030. During the year ended December 31, 2024, the Company borrowed an additional $325.0 million under its Term Loan, comprised of $125.0 million on March 25, 2024 and $200.0 million on July 30, 2024. The additional amounts borrowed are fungible with the original $1,500.0 million and have the same maturity date, interest rate and other terms. The additional $125.0 million was issued at a price equal to 99.875% of its face value, while the additional $200.0 million was issued at 99.0% of its face value. The proceeds from the March 2024 additional Term Loan were used for the acquisition of Satelles, Inc. (see Note 11) on April 1, 2024. In April 2024, the Company drew down $50.0 million on its Revolving Facility for general corporate purposes, including the funding of repurchases of its common stock. This amount was repaid with the expansion of the Term Loan in July 2024, and there were no amounts outstanding under the Revolving Facility as of December 31, 2024. The remaining proceeds from the July 2024 additional Term Loan have been used for general corporate purposes, including repurchases of common stock. In March 2025, the Company drew down $20.0 million on its Revolving Facility for general corporate purposes, which remained outstanding as of March 31, 2025. The Term Loan has been repriced on multiple occasions, most recently in June 2024, and