Global Eagle amends credit agreement deadlines to deliver financials

By Wendy Van Sickle

Columbus, Ohio, June 30 – Global Eagle Entertainment Inc. entered an amendment on Thursday to its first amendment and limited waiver to credit agreement and second amendment to its credit agreement dated Jan. 6, 2017 with Citibank, NA as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

The second amendment amends the first amendment such that

• The company is no longer required to deliver an earnings release for the fiscal quarter ended Dec. 31, 2016 by June 30;

• The company will now have until Sept. 15 – rather than July 31 – to deliver its audited annual financial statements for the year ended Dec. 31, 2016;

• The company will now have up to 30 days following the date on which it delivers the annual financial statement deliverables, including the audited financial statements for the year ended Dec. 31, 2016 and an audit report and opinion from independent accountants, to deliver its unaudited financial statements for both the quarter ended March 31 and the quarter ended June 30.

The company has agreed to pay a fee of 0.25% of the aggregate principal amount of the revolving credit commitments and term loans held by the consenting lenders for each month through September that the company does not deliver the annual financial statement deliverables.

Global Eagle is a Marina Del Rey, Calif.-based provider of satellite-based connectivity and media.

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