Global Eagle amends loan terms to allow more time to file financials

By Susanna Moon

Chicago, Nov. 1 – Global Eagle Entertainment Inc. amended its credit agreement Tuesday with Citibank, NA as administrative agent, according to an 8-K filing with the Securities and Exchange Commission

Global Eagle amended the terms to extend the time to deliver its financials, specifically until

• Nov. 15 extended from Oct. 31 to file its audited financial statements for the year ended Dec. 31, 2016; and

• Jan. 2 to file its unaudited financial statements for the quarters ended March 31, 2017, June 30 and Sept. 30.

The amended credit agreement previously required that the company deliver the first quarter 2017 financials and second quarter 2017 financials within 30 days after the date it filed the annual financial statement and that the company deliver the third quarter 2017 financials within 30 days after filing the first quarter and second quarter reports.

In return, interest on the initial term loans was increased 25 basis points to Libor plus 750 bps beginning Oct. 31.

Until the company files its financials for the quarter ending March 31, 2018, interest on the revolver will be increased to Euribor plus 750 bps. After delivery of those financials, the spread on revolver loans will range from Euribor plus 700 bps to 750 bps, based on leverage, up 25 bps from 675 bps to 725 bps.

As required under the amended facility, the company said it will now include in an 8-K filing before Dec. 5, the range of its total estimated revenue and estimated adjusted EBITDA for the fiscal quarter ended Sept. 30, with the difference between the high end and low end of the ranges to be no more than $5 million.

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.