Iridium Prices $100 Million Private Offering of 7% Series A Cumulative Perpetual Convertible Preferred Stock
Iridium Communications Inc. (Nasdaq: IRDM) ("Iridium") today announced that it has priced a private offering of 1,000,000 shares of 7% Series A Cumulative Perpetual Convertible Preferred Stock, with a liquidation preference of $100 per share (the "Preferred Stock").
The Preferred Stock will be sold in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), and to other qualified investors in reliance on Regulation S under the Securities Act. The sale of the Preferred Stock is expected to close on October 3, 2012, subject to customary closing conditions.
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