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Short Take: Iridium expects to modify financing agreements

Iridium LLC, a global satellite-based communications company, said current projections show its initial rollout delays are likely to mean the company will fall short of first quarter target numbers, and will work with its creditors to modify its lending agreements accordingly. Iridium's stock price has slipped some in recent weeks amid concerns the company might default on its bank loans. Iridium said its ability to meet its debt payment obligations will not be affected and that demand for the service is strong. Standard & Poor's has lowered Iridium's corporate debt, secured bank loan debt, and senior unsecured debt ratings.

Iridium LLC, a global satellite-based communications company, said current projections show its initial rollout delays are likely to mean the company will fall short of first quarter target numbers, and will work with its creditors to modify its lending agreements accordingly. Iridium's stock price has slipped some in recent weeks amid concerns the company might default on its bank loans. Iridium said its ability to meet its debt payment obligations will not be affected and that demand for the service is strong. Standard & Poor's has lowered Iridium's corporate debt, secured bank loan debt, and senior unsecured debt ratings.