Iridium Board Of Directors Approves $300 Million Share Repurchase Program
Strengthening Capital Position and Continued Opportunities for Growth Underscore Iridium's Financial Transformation
MCLEAN, Va., Feb. 10, 2021 /CNW/ -- 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.
Conference Call Information
About Iridium Communications Inc.
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SOURCE Iridium Communications Inc.
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