Iridium Down Over 7% After Preferred Stock Offering

Iridium Communications IRDM shares have fallen over 7% after the company priced 1 million shares of 7 percent Series A Cumulative Perpetual Convertible Preferred Stock, with a liquidation preference of $100 per share. The Preferred Stock will be sold in a private offering to qualified institutional buyers. Iridium share are down $0.56 this afternoon to $7.30.