In-Flight Connectivity company Gogo has secured a $30 million revolving credit facility.
Chicago-based Gogo took the opportunity to reaffirm its overall guidance for this year’s Free Cash Flow improvement to be at least $100 million.
“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, Gogo expects to maintain a minimum total liquidity balance of approximately $100 million. The Company says it 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.
Its Gogo Vision IFE (In-Flight Entertainment) service is installed on some 3200 aircraft, and serves 750,000+ views a week.