RigNet Announces Amendment and Extension of Credit Facility
RIGNET (RNET)
Last rignet earnings: 5/7 04:20 pm
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US:NASDAQ Investor Relations:
investor.rig.net/investors
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Source: GlobeNewswire
HOUSTON, Feb. 24, 2020 (GLOBE NEWSWIRE) -- RigNet (NASDAQ: RNET, the "Company"), the leading provider of ultra-secure, intelligent networking solutions, announced today that it has successfully amended its senior secured Credit Facility (the “Amendment”) with its existing bank group led by Bank of America, N.A. as administrative agent. Among other things, the Amendment: Increases the Revolving Facility $15 million to $100 million and extends maturity to August 31, 2022;Replaces outstanding Term Notes by transferring $14.5 million to the Revolving Facility and establishing a new $16 million Term Facility with maturity of March 31, 2022;Sets the allowable Consolidated Leverage Ratio at 3.25 times Consolidated EBITDA (both terms as defined in the Credit Facility) through third quarter 2020, thereafter stepping down to 3.00 times through second quarter 2021, thereafter stepping down to 2.75 times through the maturity date of the Revolving Facility;Maintains the attractive pricing grid
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