Gogo closes USD 30m facility to strengthen liquidity position

Inflight internet company Gogo (NASDAQ: GOGO), has announced it has completed a USD 30 million asset-based revolving credit facility, the company said.

The company said the closing of its revolving credit facility provides additional buffer capital and represents another important step in the strengthening of the company´s balance sheet and liquidity without equity dilution.

Following the closing of this credit facility, the Company expects to maintain a minimum total liquidity balance of approximately USD 100 million. The Company does not anticipate requiring additional capital based on its current plans and projected cash flow trajectory, except as needed to refinance its debt obligations maturing in 2022 and 2024.

Gogo is a provider of broadband connectivity products and services for aviation. The company designs and sources network solutions that connect aircraft to the Internet and develop software and platforms that enable customizable solutions for and aviation partners.