Rocket Lab announced it has successfully secured the full financing for its pending acquisition of Iridium Communications Inc. The company completed a large equity offering and amended Iridium's existing credit facility, which in turn allowed for the termination of a $3.6 billion bridge loan facility.
Key Details
- Equity Offering: Completed its At-The-Market (ATM) program, raising approximately $1.944 billion in gross proceeds through the issuance of 29.3 million shares.
- Debt Financing: Iridium amended its existing $1.775 billion credit agreement to allow the acquisition to proceed without triggering a "Change of Control" event, keeping the term loans in place post-merger.
- Bridge Loan Terminated: The company terminated its $3.6 billion bridge debt commitment on September 15, 2026, as the ATM proceeds and amended debt facility are now sufficient to fund the transaction.
- Acquisition Timeline: The acquisition of Iridium is expected to close in mid-2027, pending regulatory and shareholder approvals.