PRNewswire
ITASCA, Ill.
ITASCA, Ill., July 8 /PRNewswire/ -- Aircell®, the world's leading provider of airborne communications, today announced the completion of the third tranche of a package of equity and debt financing now totaling $265 million. The latest step is the closing of a $35 million senior secured term loan facility arranged by Scotia Capital, Goldman Sachs and Credit Suisse, which rounds out the prior two-stage equity investment led by Ripplewood Holdings, a major private equity group, Blumenstein/Thorne Information Partners and other investment entities associated with investor/entrepreneur Oakleigh Thorne.
Proceeds of the new financing are being utilized to provide working and investment capital funding for the growth of the company's mobile broadband service Gogo™, as well as to facilitate significant product line and geographic expansions of the fast-growing Aircell Business Aviation division.
"The future of inflight broadband is bright and Aircell is at the forefront of the revolution," said Jack Blumenstein, CEO of Aircell. "The outstanding support from our partners and lenders positions us for aggressive market entry and rapid expansion of our partnerships with leading airlines."
"We are pleased to have the support of three of the world's leading banks, particularly in today's challenging credit markets," said Reid Simpson, CFO of Aircell.
In early 2008, Aircell completed its nationwide wireless Air-To-Ground (ATG) network, bringing for the first time an economical approach to coast-to-coast, mobile broadband coverage for commercial airlines and business aircraft. Aircell has announced that its Gogo service will launch initially on American Airlines and Virgin America, with other airlines anticipated to follow within the coming months.
About Aircell
Aircell LLC is the world's leading provider of airborne communications. As winner of an exclusive FCC frequency license in 2006, Aircell has built a revolutionary new mobile broadband network for commercial and business aviation. In 2008, the Aircell Network and Aircell's Inflight Internet service known as Gogo (http://www.gogoinflight.com/) will revolutionize the commercial airline passenger flight experience by delivering a robust Internet experience - including Web, personal IM and email accounts, VPN access to corporate email and systems and more - all at 35,000 feet. The Aircell Network will also provide airlines with connectivity to operations and a path to enhanced cabin services such as video, audio, television, and more. Business aircraft operators will soon be offered a similar feature set. Aircell has facilities in Louisville, Colorado, and Itasca, Illinois. Aircell's vision is to give everyone the ability to stay in touch, in flight™. For more information about Aircell, please visit http://www.aircell.com/.
©2008 Aircell LLC. All rights reserved. Aircell, Gogo and in touch, in flight are registered trademarks of Aircell LLC. All other trademarks are the property of their respective owners.
SOURCE: Aircell
CONTACT: Brenda Chroniak, +1-781-455-8250, Aircell@rfbinder.com, for
Aircell
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