Aircell Business launches $75 million term B-2 at Libor plus 650 bps

By Sara Rosenberg

New York, July 21 – Aircell Business Aviation Services LLC (Gogo) launched a $75 million term loan B-2 due March 21, 2018 that is talked at Libor plus 650 basis points with a 1% Libor floor and an original issue discount of 98, according to a market source.

The loan is non-callable through Dec. 21, 2015 and then at 103 through Dec. 21, 2016, the source said.

Amortization is 1% per annum.

Morgan Stanley Senior Funding Inc. is the bookrunner on the deal.

Proceeds will be used for general corporate purposes.

Commitments are due on Friday, the source added.

In addition, the company is seeking an amendment to its existing $238 million term loan B to provide for the new term loan B-2 that is offered pro-rata to existing lenders, extend the maturity to March 21, 2018 and extend the non-call period to Dec. 21, 2015 with a 103 premium for one year thereafter.

Aircell is a Broomfield, Colo.-based provider of in-flight connectivity equipment and services to the business aviation market.

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