Item 1 Comment:
Explanatory Note
This Amendment No. 7 to Schedule 13D (this "Amendment No. 7") relates to the common stock, par value $0.001 per share (the "Common Stock"), of Iridium Communications Inc., a Delaware corporation (the "Issuer"). This Amendment No. 7 supplements and amends the statement on Schedule 13D initially filed with the Securities and Exchange Commission (the "SEC") on October 8, 2009 by (i) Baralonco Limited, a British Virgin Islands company (the "Company") and (ii) Khalid bin Abdullah bin Abdulrahman, as amended by Amendment No. 1 to Schedule 13D filed with the SEC on October 9, 2012, Amendment No. 2 to Schedule 13D filed with the SEC on June 3, 2014, Amendment No. 3 to Schedule 13D filed with the SEC on May 17, 2019, Amendment No. 4 to Schedule 13D filed with the SEC on August 26, 2021, Amendment No. 5 to Schedule 13D filed with the SEC on November 26, 2021, and Amendment No. 6 to Schedule 13D filed with the SEC on March 11, 2022 (collectively, the "Amended Schedule 13D").
Except as supplemented and amended herein, the Amended Schedule 13D is unchanged. Reference should be made to the Amended Schedule 13D for additional information.
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| | On June 24, 2025, Mawarid Holding Company, as Borrower, entered into a Facility Agreement with Abu Dhabi Commercial Bank PJSC, as Arranger, Facility Agent, and Lender, and the Lenders parties thereto, pursuant to which, among other things, the Lenders have made available a dollar term facility in an aggregate amount equal to the $160,000,000, with advances required to be repaid in full within 12 months after the relevant advance. In connection with the Facility Agreement, on June 24, 2025 the Company, as Pledgor, entered into a Collateral Accounts Pledge Agreement with Abu Dhabi Commercial Bank PJSC, as Pledgee, pursuant to which, among other things, the Company has pledged certain collateral accounts and assets as security for the obligations of Mawarid Holding Company in respect of the Facility Agreement, including 10,000,000 shares of Common Stock beneficially owned by the Company (the "Pledged Shares"). Until the occurrence of an event of default, the Company is entitled to exercise all voting rights in respect of the Pledged Shares, but is not entitled to dispose of the Pledged Shares. The Facility Agreement and the Collateral Accounts Pledge Agreement generally contain customary and market representations, warranties, covenants, conditions, events of default, interest, fees, and costs. |
