SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): January 6, 2017
GLOBAL EAGLE ENTERTAINMENT INC.
(Exact name of registrant as specified in its charter)
(State or other jurisdiction
4553 Glencoe Avenue, Suite 300, Los Angeles, California 90292
(Address of principal executive offices, including zip code)
Registrants telephone number, including area code: 310-437-6000
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions ( see General Instruction A.2. below):
|☐||Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)|
|☐||Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)|
|☐||Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))|
|☐||Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))|
|Item 7.01.||Regulation FD Disclosure.|
On January 6, 2017, Global Eagle Entertainment Inc. (the Company or we) issued a press release (the Press Release) announcing the Companys entry into a senior secured credit agreement (the Agreement) with the lenders party thereto and Citibank, N.A., as administrative agent. We have furnished herewith as Exhibit 99.1 a copy of the Press Release. We will file the information required by Form 8-K in respect of the Agreement in a separate Current Report on Form 8-K.
Exhibit 99.1 attached hereto shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the Exchange Act), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.
Item 9.01. Financial Statements and Exhibits.
We incorporate by reference herein the Exhibit Index following the signature page to this Current Report on Form 8-K.
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|GLOBAL EAGLE ENTERTAINMENT INC.|
/s/ Tom Severson
|Title:||Chief Financial Officer|
Dated: January 6, 2017
|99.1||Press Release, dated January 6, 2017.|
GLOBAL EAGLE CLOSES NEW $500 MILLION TERM LOAN FACILITY AND NEW $85 MILLION
REVOLVING CREDIT FACILITY
LOS ANGELES January 6, 2017 Global Eagle Entertainment Inc. (Nasdaq: ENT) (GEE or the Company), a worldwide provider of end-to-end connectivity and media to the airline, maritime and remote mobility markets, today announced that it has refinanced its existing credit facilities with a new $500 million senior-secured term-loan facility and a new $85 million senior-secured revolving credit facility. The Company will use the proceeds of the new term-loan facility to pay down all of the Companys existing term-loan and revolving-credit facility debt.
Our recent refinancing activities have better positioned GEE for future growth, said Dave Davis, chief executive officer of GEE. With the closing of these new facilities, we have improved our balance sheet with a lower effective interest rate to support our current growth initiatives and increased our overall liquidity.
The new senior secured credit agreement includes a 6-year, $500 million term-loan facility at an interest rate of LIBOR+600 basis points. It also includes a 5-year revolving credit facility initially priced at LIBOR+600 basis points, which increases the Companys revolving borrowing capacity to $85 million from $75.5 million under the previous revolving credit facility. At closing, the Company had no borrowings outstanding under its new revolving credit facility.
Citigroup Global Markets Inc. advised and led the execution of the refinancing for the Company.
About Global Eagle Entertainment (GEE)
Global Eagle Entertainment Inc. (NASDAQ: ENT) is a leading provider of satellite-based connectivity and media to fast-growing, global mobility markets across air, sea and land. Supported by proprietary and best-in-class technologies, GEE offers a fully integrated suite of rich media content and seamless connectivity solutions that cover the globe. With approximately 1,500 employees and 50 offices on six continents, GEE delivers exceptional service and rapid support to a diverse base of customers around the world. Find out more at: www.geemedia.com .
Senior Vice President, Corporate Development and Investor Relations