8-KCurrent report

Material agreement

✓ VerifiedIridium completed its acquisition of the remaining 61% of Aireon for approximately $366.7 million, paying 50% in cash and deferring the rest via a $183.36 million interest-free seller loan.

2.03 New financial obligation5.02 Officer or director change7.01 Reg FD disclosure

Summary

  • On July 2, 2026, Iridium, through subsidiary Iridium Monitor Holdings LLC, acquired the remaining 61% of Aireon Holdings LLC that it did not already own for an aggregate purchase price of approximately $366.7 million.
  • 50% of the purchase price was paid in cash at closing and the remainder was deferred through a $183.36 million term loan from the Sellers that bears no interest and matures one year after the closing date.
  • Aireon LLC's existing credit facility, with an aggregate principal balance of $154.7 million on Term Loans maturing October 10, 2028, will be consolidated with Iridium, and Iridium provided an unsecured Parent Guaranty of those obligations.
  • The Aireon Credit Agreement requires a consolidated total leverage ratio of not more than 5.0 to 1.0 and bears interest at a SOFR-based rate plus 6.25% or a base rate plus 5.25%.
  • In connection with Iridium's pending acquisition by Rocket Lab under the June 28, 2026 Merger Agreement, cash retention awards were granted to two named executive officers: Vincent J. O'Neill ($409,999.98) and Kathleen A. Morgan ($873,036.32).
  • Aireon will operate as a wholly owned subsidiary with Don Thoma continuing as CEO reporting to Iridium CEO Matt Desch.
Aireon stake acquired
remaining 61%
From the filing for Aireon stake acquired
“completed its previously announced acquisition of the remaining 61% of equity interests in Aireon Holdings LLC”
Aggregate purchase price
approximately $366.7 million
From the filing for Aggregate purchase price
“The aggregate purchase price payable to the Sellers was approximately $366.7 million”
Seller term loan
$183.36 million term loan, bearing no interest
From the filing for Seller term loan
“the Sellers provided Iridium Monitor Holdings with a $183.36 million term loan, bearing no interest, and maturing one year following the Aireon Closing Date”
Aireon Term Loans balance
$154.7 million
From the filing for Aireon Term Loans balance
“As of the date hereof, the aggregate principal balance of the Term Loans is $154.7 million.”
Aireon facility maturity
October 10, 2028
From the filing for Aireon facility maturity
“secured term loans in the original aggregate principal amount of $175 million (the "Term Loans") with a scheduled maturity date of October 10, 2028”
Leverage covenant
5.0 to 1.0
From the filing for Leverage covenant
“a consolidated total leverage ratio, as defined in the Aireon Credit Agreement, of not more than 5.0 to 1.0”
CFO retention award
Vincent J. O'Neill, Chief Financial Officer: $409,999.98
From the filing for CFO retention award
“Vincent J. O'Neill, Chief Financial Officer: $409,999.98”
CLO retention award
Kathleen A. Morgan: $873,036.32
From the filing for CLO retention award
“Kathleen A. Morgan, Chief Legal Officer and Corporate Secretary: $873,036.32”

Iridium now owns all of Aireon, operator of the only space-based ADS-B air traffic surveillance system, and consolidates its debt while proceeding under a pending merger with Rocket Lab.

Filed
Jul 7, 2026
Accepted
2026-07-07 21:11Z
Period
Jul 2, 2026
Accession no.
0001104659-26-081335
Size
3.7 MB