Global Eagle Announces $61 Million of Additional Liquidity
19 Juillet 2019 - 2:00PM
Global Eagle Entertainment Inc. (Nasdaq: ENT) (“Global Eagle,” the
“Company” or “we”), a leading provider of media, content, and
connectivity to markets across air, sea and land, today announced
that it has completed a $40 million upsizing of its Senior Secured
Term Loan due 2023 (“Term Loan”), as well as an amendment to its
Term Loan (collectively, the “Amendment”) to reduce scheduled
principal repayments over the next six quarters by an aggregate of
approximately $26 million. Net of fees and expenses, the Amendment
will result in approximately $61 million of incremental liquidity
over the next 18 months. This supplements the Company’s
approximately $49 million of liquidity as of June 30, 2019, which
includes cash and unused revolver capacity, and further enables the
Company to focus on executing its growth plans.
“We are pleased to announce this Amendment,
which strengthens our liquidity and positions us to deliver
significant long-term shareholder value as we continue our
transition to sustainable, positive free cash flow
generation.” Josh Marks, Chief Executive Officer of Global
Eagle, continued, “We are grateful for our strong collaborative
partnership with our lenders. We see significant
opportunities as we continue to serve our customers well and
innovate in our markets.”
Christian Mezger, Chief Financial Officer,
further commented, “Enhancing liquidity was an important step as we
continue to improve the performance of our business. We are
excited about our prospects. We continue to build top-line
momentum while improving our cost structure as we drive the
business to our near-term goal of generating sustainable, positive
free cash flow.”
Global Eagle intends to use the proceeds to
repay principal balance on its revolving credit facility and
anticipates using the remaining proceeds for growth, cost
initiatives and other general corporate purposes. Other material
terms related to our Senior Secured Term Loan and the corresponding
changes to our second lien notes can be found in the Current Report
on Form 8-K filed today.
About Global Eagle
Global Eagle is a leading provider of media,
content, connectivity and data analytics to markets across air, sea
and land. Global Eagle offers a fully integrated suite of rich
media content and seamless connectivity solutions to airlines,
cruise lines, commercial ships, high-end yachts, ferries and land
locations worldwide. With approximately 1,200 employees and 50
offices on six continents, the Company delivers exceptional service
and rapid support to a diverse customer base. Find out more at:
www.GlobalEagle.com.
Cautionary Note Concerning
Forward-Looking Statements
We make “forward-looking statements” herein
within the meaning of the “safe harbor” provisions of the Private
Securities Litigation Reform Act of 1995, including with respect to
our use of proceeds from the Amendment, transition to sustainable,
positive free cash flow generation, prospects, top-line momentum,
cost structure improvements, and our financial and business
performance. These forward-looking statements are based on
information available to us as of the date hereof and on our
current expectations, forecasts and assumptions, and involve
substantial risks and uncertainties. Actual results may vary
materially from those expressed or implied by the forward-looking
statements herein due to a variety of other factors, including our
ability to use the net proceeds of the Amendment as anticipated and
realize the benefits therefrom, and other risks and uncertainties
set forth in our most recent Annual Report on Form 10-K and
subsequently filed Quarterly Reports on Form 10-Q.
The forward-looking statements herein speak only
as of the date the statements are made (which is the date of this
press release). You should not put undue reliance on any
forward-looking statements. We assume no obligation to update
forward-looking statements to reflect actual results, changes in
assumptions or changes in other factors affecting forward-looking
information, except to the extent required by applicable securities
laws. If we do update one or more forward-looking statements, no
inference should be drawn that we will make additional updates with
respect to those or other forward-looking statements.
Contact:
Peter A. LopezVice President, Finance and
Investor Relations+1
310-740-8624investor.relations@geemedia.compr@geemedia.com
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