Gogo refinances $690 million senior notes, eyes $30 million revolver

By Devika Patel

Knoxville, Tenn., Aug. 8 – Gogo Inc. refinanced $690 million of senior notes last quarter and plans to improve liquidity with a $30 million revolver.

“In the quarter, we also refinanced our $690 million senior notes and the $152 million convertible stub, which pushed the majority of our maturities out to 2024 and has improved our strategic flexibility,” president and chief executive officer Oakleigh Thorne said on the company’s second quarter ended June 30 earnings conference call on Thursday.

“We plan to supplement our liquidity with a $30 million revolver,” he said.

Adjusted EBITDA for the second quarter was $37.8 million, up from $18.9 million in the second quarter of 2018.

Cash and cash equivalents were $181,867,000 as of June 30, 2019, compared to $184,155,000 as of Dec. 31, 2018.

Gogo is a Chicago-based provider of in-flight connectivity and wireless entertainment services.

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