Iridium Communications Reports
Iridium Communications Inc. (Nasdaq:IRDM) has engaged Goldman, Sachs & Co. as its lead global advisor on the financing of Iridium NEXT, the company’s nexgen 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 constellation and from warrant proceeds.
What is more, 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 informed 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.