RigNet reduces revolving commitment to $75 million from $125 million

By Wendy Van Sickle

Columbus, Ohio, Dec. 20 – RigNet, Inc. voluntarily reduced its revolving commitments to $75 million from $125 million on Friday via an amendment to its credit agreement dated Oct. 3, 2013 with Bank of America, NA as administrative agent, according to an 8-K filed Friday with the Securities and Exchange Commission.

The interest rate is Libor plus a margin of 150 basis points to 250 bps, and the commitment fee ranges from 20 bps to 30 bps, both depending on the consolidated leverage ratio.

RigNet is a Houston-based network infrastructure provider serving the remote communications needs of the oil and gas industry.

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