Canaccord Genuity advises Iridium Communications Inc.

On 3 June 2010, our client Iridium Communications Inc. (Nasdaq: IRDM) announced its plan for funding, building and deploying its next-generation satellite constellation, Iridium NEXT, for a total cost of approximately $2.9 billion. This plan includes the execution of a fixed price contract with Thales Alenia Space, a joint company between Thales (67%) and Finmeccanica (33%), for the design and construction of 72 satellites for the Iridium NEXT constellation. In addition, the Company announced that Coface, the French export credit agency, has issued, for the account of the French State, a “Promise of Guarantee” which commits to cover 95% of the $1.8 billion credit facility for the project. The financing to be covered by the Coface guarantee is being syndicated through major international banks and financial institutions, and is expected to be completed this summer.

Canaccord Genuity advised Iridium Communications in connection with the financing alongside Goldman, Sachs & Co. and Société Générale. In particular, our role included to advise on the quantum of financing to be guaranteed by Coface, on getting the French Treasury support on this transaction as well as to give strategic advice to the Board of the Company.

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