Gogo Closes $113 Million Credit Facility Add-On Finance Deal to Help Continue to Fund Its Global Expansion and General Operations
ITASCA, Ill., April 10, 2013 /PRNewswire/ -- Gogo, the leader of in-flight connectivity and a pioneer in wireless in-flight digital entertainment solutions, announced today that it has closed a $113 million increase to its existing $135 million credit facility arranged by Morgan Stanley and J.P. Morgan in June of 2012. Gogo intends to use the proceeds of the debt financing to fund its global expansion and for general operating purposes.
"Securing this latest round of financing is an important step in funding our growth and helps strengthen our overall financial position," said Norm Smagley, Gogo's executive vice president and CFO. "The new round of funding will help us continue to develop and operationalize our international expansion."
Gogo recently announced that it has been selected to outfit more than 400 aircraft with its Ku-band satellite connectivity services across several major airlines. Today, Gogo has its Air to Ground (ATG) solution installed on more than 1,850 aircraft across nine airlines, including approximately 160 aircraft installed with its next generation ATG technology – ATG-4.
Gogo is a global leader of in-flight connectivity and a pioneer in wireless in-flight digital entertainment solutions. Using Gogo's exclusive products and services, passengers with Wi-Fi enabled devices can get online on more than 1,800 Gogo equipped commercial aircraft. In-flight connectivity partners include American Airlines, Air Canada, AirTran Airways, Alaska Airlines, Delta Air Lines, Frontier Airlines, United Airlines, US Airways and Virgin America. In-flight entertainment partners include American Airlines, Delta Air Lines, Scoot and US Airways.