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Aireon signed the credit facility on 2018-12-21.
Aireon used part of the new funds to pay satellite operator Iridium $35,000,000 before the end of 2018 for hosting its sensor payloads on the Iridium Next constellation.
Iridium borrowed $360,000,000 last year to pay down its debt without depending on Aireon payments.
Aireon expects to pay off its hosting fee by the end of 2021 and had raised $351,000,000 prior to the Deutsche Bank-led loan.
The 2019-01-11 launch completes Aireon’s network of aircraft-tracking sensors that are included as payloads onboard each Iridium Next satellite.
Aireon raised $69,000,000 in May from NATS, the United Kingdom’s privatized air traffic management company.
Aireon is required to pay at least $14,000,000 of its $200,000,000 debt in 2018 and an additional $16,000,000 in 2019.
Aireon’s pending credit line would enable Aireon to pay a total of $35,000,000 in 2018 and $23,000,000 in 2019 toward its debt to Iridium.
Aireon’s remaining $200,000,000 debt balance of $142 million, plus accrued interest, is scheduled to be paid off in 2020 and 2021.
Iridium borrowed $360,000,000 in March as a hedge against relying on Aireon hosting fees to maintain its liquidity while paying down Iridium Next construction debt.
The $69,000,000 investment from NATS enabled Aireon to pay Iridium $8,100,000 so far 2018.
Aireon is obligated to pay Iridium annual fees for continuing to host the ADS-B payloads in orbit, including $20,000,000 a year for data service.
Iridium plans to use Aireon payments to pay down its $1,800,000,000 in French export-credit loans for the 81 Iridium Next satellites ordered from Thales Alenia Space in 2010.
Aireon will roll out an aircraft-tracking service called GlobalBeacon on 2018-11-05 with partner FlightAware that provides airlines with location updates every minute.
Aireon is close to securing a credit line intended to allow it to catch up on $200,000,000 in overdue payload hosting fees to Iridium.
Aireon operates a space-based ADS-B network onboard Iridium Next to expand real-time tracking of airplanes over oceans and regions not covered by ground-based radar.
Aireon is obligated to pay Iridium a $34,000,000 bill payable over 12.5 years for the share of the satellites’ onboard electricity required to power the Harris Corp.-built ADS-B payloads.
Aireon has raised $351,000,000 to date from investors including NATS, Nav Canada, and ENAV that have taken equity stakes and committed to be customers.
Aireon will require a full, 100-percent complete and redundant hosted-payload constellation to provide flight regulators with unfailing updates every eight seconds or faster over any area in the world.
Aireon raised $69,000,000 from NATS to begin making hosting payments to Iridium Communications.