2023-05-01 07:19:10 ET
- Gogo ( NASDAQ: GOGO ) provided notice to its term loan lenders of its intent to paydown $100M principal amount of its outstanding which is expected to be effectuated on May 3, 2023.
- The prepayment will permanently reduce Gogo's debt to further strengthen the financials.
- The company will reduce its Term Loan B outstanding principal to $612.3M.
- The transaction will reduce the company's cash interest by ~$4.5M in 2023 based on forward SOFR rates and $8.5M on an annualized basis based on current SOFR rates.
- There are no prepayment penalties associated with this transaction.
- As of April 28, 2023, the company has ~$188M in cash-on-hand and an undrawn revolver of $100M.
For further details see:
Gogo plans $100M debt pre-payment