Global Eagle Entertainment Inc. (Nasdaq: ENT), a global provider of end-to-end connectivity and media to the airline, maritime, and remote mobility markets, has refinanced its existing credit facilities with a new USD500 million senior-secured term-loan facility and a new USD85 million senior-secured revolving credit facility, the company said.
The company will use the proceeds of the new term-loan facility to pay down all of ITS existing term-loan and revolving-credit facility debt.
The new senior secured credit agreement includes a 6-year, USD500 million term-loan facility at an interest rate of LIBOR+600 basis points. It also includes a 5-year revolving credit facility initially priced at LIBOR+600 basis points, which increases the company´s revolving borrowing capacity to USD85 million from USD75.5 million under the previous revolving credit facility. At closing, the company had no borrowings outstanding under its new revolving credit facility.
Citigroup Global Markets Inc. advised and led the execution of the refinancing for the Company.
Global Eagle Entertainment Inc. (GEE) is a provider of satellite-based connectivity and media to mobility markets across air, sea, and land. Supported by proprietary and best-in-class technologies, GEE offers a fully integrated suite of rich media content and seamless connectivity solutions. The company has approximately 1,500 employees, and 50 offices on six continents.