Gogo closes USD 238m convertible notes offering

Gogo Inc. (NASDAQ: GOGO), broadband connectivity products and services provider, has announced the closing of its USD 238 million offering of 6.00% convertible senior notes due in May 2022, the company said.

Under the terms of the transaction, Gogo extended the maturity of approximately USD 200 million of its outstanding convertible senior notes from March 2020 until May 2022. Approximately USD 162 million in convertible senior notes due 2020 remain outstanding.

In connection with the transaction, the Company´s gross debt increased by approximately USD 38 million, offset by an approximately USD 28 million increase in cash on the balance sheet after the execution of the greenshoe.