Moody's assigns Global Eagle DIP Baa2

Moody's Investors Service said it assigned a Baa2 rating to the $80 million super-priority debtor-in-possession term loan facility of Global Eagle Entertainment, Inc. Global Eagle received approval from the bankruptcy court to access its $80 million DIP facility, which is solely comprised of a super-priority debtor-in-possession term loan. The company has currently drawn $30 million under the DIP Facility.

Global Eagle entered into a restructuring support agreement with its first-lien group of lenders to seek a sale of the business to a third-party. In conjunction with the RSA, a group of ad hoc creditors agreed to backstop the DIP facility.

The rating is a point-in-time rating and won’t be updated. In fact, the agency said it would withdraw the rating as soon as practicable.

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