Iridium Communications Inc. (NASDAQ: IRDM) said it has priced its offering of 7,377,050 shares of its common stock at a price to the public of USD6.10 per share and 500,000 shares of its new 6.75 percent series B cumulative perpetual convertible preferred stock at a price to the public of USD250 per share.
The gross proceeds to Iridium from the offerings are expected to be approximately USD170m, before deducting underwriting discounts and commissions, and other estimated offering expenses payable by Iridium. Both offerings are expected to close on or about May 14, 2014. In connection with the common stock offering, Iridium also granted to the underwriters a 30-day option to purchase up to 1,106,558 additional shares of common stock at the public offering price to cover over-allotments, if any.
Raymond James, Deutsche Bank Securities and William Blair are acting as joint book-running managers for the common stock offering. Deutsche Bank Securities and Raymond James are acting as joint book-running managers for the preferred stock offering and Canaccord Genuity and Societe Generale are acting as co-managers.
Iridium is the only mobile voice and data satellite communications network that spans the entire globe. Iridium enables connections between people, organizations and assets to and from anywhere, in real time. Its website is at www.iridium.com.