Iridiuim plans tack-on term loan B for Satelles acquisition

By Sara Rosenberg

New York, March 4 – Iridium Communications Inc. plans on getting a tack-on to its term loan B to fund the roughly $115 million purchase of 80% of Satelles Inc. that it does not already own, according to a company presentation.

Iridium had an ownership stake of around 20% in Satelles from three previous investments in the company.

Closing is expected in the next few weeks.

Iridium is a McLean, Va.-based provider of voice and data satellite communications. Satelles is a provider of highly secure satellite-based time and location services.

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