WASHINGTON-Iridium Inc. announced Chase Securities Inc. and BZW will be responsible for structuring and arranging the international syndication of a credit facility to complete the funding for the construction of the Iridium system.
Both banks have been appointed global arrangers, and Chase, a subsidiary of the Chase Manhattan Corp., has been designated the global financing adviser with Europe-based BZW designated the co-financing adviser, Iridium said.
The financing arrangement contemplates a two-stage structure, consisting of a short-term revolving credit facility totaling $750 million, and permanent financing of about $2.4 billion, Iridium said. The permanent financing is planned to replace the short-term facility. The banks, in coordination with Iridium, will manage all aspects of arranging and syndicating both senior facilities.
