Despite its recent record of six cashflow-positive quarters, mobile satcoms operator Iridium has topped up its coffers from the financial markets. The company announced on Tuesday that it had raised $32 million through a senior secured credit facility with Bank of America.
"We have so far raised more than $97 million in bank financing," comments Iridium chief financial officer Richard Halka. "Our business continues to grow through an emphasis on generating new subscribers while maintaining a low cost base. This facility with Bank of America will enable us to consolidate debt, reduce interest expense and further enhance the bottom line."
Source: Flight Daily News