HOUSTON, May 31, 2011 (GLOBE NEWSWIRE) -- 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.
Chief Financial Officer Marty Jimmerson said, "By amending our credit facility, RigNet has increased its financial flexibility while also lowering its costs of borrowing. I am pleased we are continuing our relationship with Bank of America, which began in May of 2009. Our existing cash position of more than $60 million, combined with our current debt leverage of approximately 1.0 times Adjusted EBITDA, provides RigNet with significant capacity to grow our business both organically and inorganically."
About RigNet
RigNet (Nasdaq:RNET) is a leading global provider of managed communications, networks and collaborative applications dedicated to the oil and gas industry. RigNet provides solutions ranging from fully-managed voice and data networks to more advanced applications that include video conferencing and real-time data services to remote sites in over 30 countries on six continents, effectively spanning the drilling and production industry. RigNet is based in Houston, Texas. For more information, please visit
CONTACT: Marty Jimmerson RigNet, Inc. +1 (281) 674-0699 [email protected]
