Global Eagle increases senior secured term loan by $40 million

By Marisa Wong

Los Angeles, July 19 – Global Eagle Entertainment Inc. said it has completed a $40 million upsizing of its senior secured term loan due 2023 and an amendment to its term loan to reduce scheduled principal repayments over the next six quarters by an aggregate of about $26 million.

Net of fees and expenses, the amendment will result in roughly $61 million of incremental liquidity over the next 18 months. This supplements the company’s $49 million of liquidity as of June 30, which includes cash and unused revolver capacity, and further enables the company to focus on executing its growth plans, according to a press release.

Global Eagle said it intends to use the proceeds to repay principal on its revolver and anticipates using the remaining proceeds for growth, cost initiatives and other general corporate purposes.

Based in Los Angeles, Global Eagle is a provider of media, content, connectivity and data analytics to markets across air, sea and land.

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