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Iridium to price $125 million perpetual convertible preferreds to yield 6.25%-6.75%, up 20%-25%
By Rebecca Melvin
New York, May 5 - Iridium Communications Inc. plans to price $125 million of cumulative perpetual convertible preferreds with a $250 per share liquidation preference to yield 6.25% to 6.75% with an initial conversion premium of 20% to 25%, according to market sources.
Iridium is also selling about $45 million of common stock in a concurrent public offering.
The registered, off-the-shelf preferred offering is being sold via Deutsche Bank Securities Inc. and Raymond James & Associates Inc. as joint bookrunning managers, with Canaccord Genuity and Societe Generale acting as co-managers.
The preferreds are not convertible for five years and then provisionally callable if shares exceed 150% of the conversion price.
Proceeds will be used for general corporate purposes, which may include capital expenditures, including development and deployment of the Iridium NEXT system, working capital and general and administrative expenses.
The preferred shares will be listed on the Nasdaq Global Select Market under the symbol "IRDM.B."
Iridium is a McLean, Va.-based mobile satellite service company.
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