Moody’s rates Gogo note add-on B2

Moody's Investors Service said it assigned a B2 rating to Gogo Intermediate Holdings LLC's proposed $100 million add-on to the 12˝% senior secured notes due 2022.

The notes will also be co-issued at a second subsidiary, Gogo Finance Co. Inc.

Net proceeds will be used to fund the commercial rollout of Gogo Inc.'s (Gogo) 2Ku next-generation technology solutions, and for working capital and general corporate purposes.

Gogo's B3 corporate family rating, B3-PD probability of default rating, SGL-2 speculative grade liquidity rating and stable outlook are unchanged.

The new secured notes rank pari passu with Gogo's existing $590 million senior secured notes due 2022. They are guaranteed on a senior secured basis by Gogo Inc. and by each of Gogo Inc.'s existing and future domestic restricted subsidiaries (other than the co-issuers of the notes: Gogo Intermediate Holdings LLC and Gogo Finance Co. Inc.).

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.