Iridium Communications Inc. (Nasdaq: IRDM) ("Iridium") today announced that its Board of Directors has authorized the repurchase of up to $300 million of Iridium common stock through December 31, 2022. This time frame can also be extended or shortened by the Board of Directors. Share purchases will be executed opportunistically, with the aim of maximizing return on investment, while maintaining the company's forecasted deleveraging targets. Repurchases, if any, will be made from time-to-time on the open market at prevailing prices or in negotiated transactions off the market.
Commenting on the new share repurchase program, Iridium CEO Matt Desch said, "Iridium has completed a striking financial transformation over the past few years. The company's financial focus has evolved from a capital-intensive network replenishment program to rapid deleveraging as a result of growing free-cash-flow generation and ongoing business momentum. It is incredibly gratifying to now begin the process of rewarding our shareholders with this program."
The share repurchase program has been accounted for in the Company's long-term net leverage target and will be discussed further on its fourth quarter 2020 earnings conference call.
About Iridium Communications Inc.
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. Together with its ecosystem of partner companies, Iridium delivers an innovative and rich portfolio of reliable solutions for markets that require truly global communications. In 2019, the company completed a generational upgrade of its satellite network and launched its new specialty broadband service, Iridium Certus. Iridium Communications Inc. is headquartered in McLean, Va., U.S.A., and its common stock trades on the Nasdaq Global Select Market under the ticker symbol IRDM. For more information about Iridium products, services and partner solutions, visit www.iridium.com.
