Loss-making maritime satcoms services provider Globe Wireless has completed a US$15.8m refinancing transaction.
The new facility comprises a US$15m revolving credit facility from Wells Fargo that is secured against its receivables and inventory, and a…
Loss-making maritime satcoms services provider Globe Wireless has completed a US$15.8m refinancing transaction.
The new facility comprises a US$15m revolving credit facility from Wells Fargo that is secured against its receivables and inventory, and a new US$839,000 term loan from the same bank that is secured against Globe’s real estate.
Proceeds from the financing have been used to repay its existing senior term loan as well as provide the company with new working capital.
Phoenix Management Services served as exclusive restructuring financial adviser on the transaction.
Headquartered in Florida, Globe is one of the leading providers in communications and IT solutions to the maritime industry, serving more than 550 ship operators with over 8,000 ships. The company utilises capacity from MSS operators Iridium and Inmarsat a well as FSS operator Intelsat and Hong Kong-based satellite broadband provider SpeedCast.
