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- Iridium Acquisition Now Fully Financed: Rocket Lab completes the $1.944 billion At-The-Market (ATM) equity offering, securing the required cash consideration (alongside available liquidity) to fully fund its pending acquisition of Iridium Communications – expected to close in mid-2027, pending regulatory approvals.
- Cost-Effective Debt Structure Secured: Iridium amends its existing $1.775 billion credit facility to permit the change of control, establishing long-term, cost-effective permanent financing backed by Iridium’s strong free cash flow and a parent guarantee from Rocket Lab USA.
- Bridge Facility Terminated: Rocket Lab successfully cancels the initial $3.6B senior secured bridge facility, de-risking the capital structure ahead of the targeted close of the acquisition in mid-2027.
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LONG BEACH, Calif., Sept. 15, 2026 (GLOBE NEWSWIRE) — Rocket Lab Corporation (Nasdaq: RKLB) (“Rocket Lab” or the “Company”), a global leader in launch services and space systems, today announced it has successfully completed several critical milestones to fully finance its pending acquisition of Iridium Communications Inc. (“Iridium” and such pending transaction, the “Iridium Acquisition”).
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ATM Program Update
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Rocket Lab has completed its previously announced At-The-Market share sale (the “ATM Program”), raising approximately $1.944 billion in gross proceeds through the issuance of 29.3 million shares (before commissions and offering expenses).
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Rocket Lab intends to use the net proceeds from the ATM Program to fund cash payments under the Iridium Acquisition. If the Company does not consummate the Iridium Acquisition or if it has excess proceeds from the offering of shares under the ATM Program, the Company intends to use the net proceeds to fund future growth, including potential future acquisitions, and for general corporate and working capital purposes.
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Change of Control Consent and Amendment for Iridium Existing Credit Agreement
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On September 15, 2026, Iridium entered into an amendment (the “Change of Control Amendment”) to its existing term loan facility for its outstanding $1.775 billion term loans (as of June 30, 2026) (the “Iridium Term Loan”) to obtain consent from the requisite lenders to, among other things, amend the definition of “Change of Control” under the credit agreement to carve out Rocket Lab’s pending acquisition of Iridium. As part of the Change of Control Amendment, Rocket Lab USA, Inc., the Company’s primary operating subsidiary and anticipated parent company of Iridium, will provide an unsecured guarantee of the Iridium Term Loan upon the closing of the Iridium Acquisition.
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The completion of the Change of Control Amendment will provide Rocket Lab with cost-effective, permanent financing upon the closing of the Iridium Acquisition, supported by Iridium substantial free cash flow.
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Termination of Debt Commitment Letter
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The Iridium Term Loan, together with the proceeds raised to date under the ATM Program and other unrestricted cash and cash equivalents available to the Company, represent an amount sufficient to pay the required cash consideration, repay certain Iridium indebtedness (other than the Iridium Term Loan) and pay related fees and expenses at the closing of the Iridium Acquisition. In connection with the consummation of the Change of Control Amendment the Company also terminated its $3.6 billion debt commitment for a senior secured debt bridge facility it had entered into in connection with the Iridium Acquisition merger agreement on June 28, 2026.