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Gogo Closes $30 Million Revolving Credit Facility to Strengthen its Balance Sheet and Liquidity Position
August 27, 2019
Source: Yahoo Finance
Gogo (GOGO), the leading global provider of broadband connectivity products and services for aviation, today announced the completion of its previously disclosed $30 million asset-based revolving credit facility.
"The closing of our $30 million revolving credit facility provides additional buffer capital and represents another important step in the strengthening of our balance sheet and liquidity without equity dilution," said Oakleigh Thorne, President and CEO of Gogo. "We continue to expect Free Cash Flow improvement of at least $100 million in 2019 versus 2018 and meaningfully positive annual Free Cash Flow in 2021."
Following the closing of this credit facility, the Company expects to maintain a minimum total liquidity balance of approximately $100 million. The Company does not anticipate requiring additional capital based on its current plans and projected cash flow trajectory, except as needed to refinance its debt obligations maturing in 2022 and 2024.
Gogo is the Inflight Internet Company. We are the leading global provider of broadband connectivity products and services for aviation. We design and source innovative network solutions that connect aircraft to the Internet and develop software and platforms that enable customizable solutions for and by our aviation partners. Once connected, we provide industry leading reliability around the world. Our mission is to help aviation go farther by making planes fly smarter, so our aviation partners perform better and their passengers travel happier.
You can find Gogo's products and services on thousands of aircraft operated by the leading global commercial airlines and thousands of private aircraft, including those of the largest fractional ownership operators. Gogo is headquartered in Chicago, Ill., with additional facilities in Broomfield, Colo., and locations across the globe. Connect with us at gogoair.com.
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