Gogo Inc. Closes $75 Million Credit Facility Add-On
ITASCA, Ill., July 30, 2014 /PRNewswire/ -- Gogo Inc. (NASDAQ: GOGO), a leading global aero communications service provider, announced today that it has obtained a $75 million increase to its existing $248 million credit facility arranged by Morgan Stanley. Gogo intends to use the proceeds of the debt financing for general corporate purposes.
"We are very pleased to secure this $75 million of financing which provides Gogo additional flexibility as we grow our business internationally," said Norman Smagley, Gogo's executive vice president and CFO. "Our ability to obtain much more favorable terms with this financing is a reflection of our strong execution track record and continued support from long time partners Tennenbaum Capital Partners and Guggenheim Corporate Funding," added Mr. Smagley.
Gogo is a leading global aero communications service provider. Using Gogo's exclusive products and services, passengers with Wi-Fi enabled devices can get online on more than 2,000 Gogo equipped commercial aircraft. In-flight connectivity partners include AeroMexico, American Airlines, Air Canada, AirTran Airways, Alaska Airlines, Delta Air Lines, Japan Airlines, United Airlines, US Airways and Virgin America. In-flight entertainment partners include AeroMexico, American Airlines, Delta Air Lines, Japan Airlines, Scoot and US Airways. In addition to its commercial airline Business, Gogo has more than 6,300 business aircraft outfitted with its communications services.
Back on the ground, Gogo's 700+ employees in Itasca, IL, Broomfield, CO and various locations overseas are working to continually redefine flying as a productive, socially connected, and all-around more satisfying experience. Connect with Gogo at www.gogoair.com, on Facebook at www.facebook.com/gogo and Twitter at www.twitter.com/gogo.