RigNet Amends Its Existing Credit Agreement
RigNet, Inc. (Nasdaq: RNET), today announced that it has amended its existing credit agreement with Bank of America, N.A. The amended agreement consolidates RigNet's existing loans into a single $30.1 million loan bearing interest at LIBOR plus 2.25% to 3.25%, based upon a funded debt to Adjusted EBITDA ratio.
The maturity date of the new term loan has been extended from May, 2012 to May, 2014. In addition, the amended agreement no longer requires RigNet to maintain $10 million in restricted cash on its balance sheet.
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