HOUSTON, Oct. 8, 2013 (GLOBE NEWSWIRE) -- RigNet, Inc., (Nasdaq:RNET) a leading global provider of managed remote communications, systems integration and collaborative applications dedicated to the oil and gas industry, focusing on offshore and onshore drilling rigs, energy production facilities and energy maritime, announced today that it has entered into a Second Amendment and Restated Credit Agreement with Bank of America, N.A, as administrative agent, and the lenders party thereto. The amendment provides for a $60.0 million term loan facility and a $125.0 million revolving credit facility, which includes a $15.0 million sublimit for the issuance of standby letters of credit. The Company had $54.6 million in term loans outstanding immediately prior to the second amendment and restatement and $60.0 million outstanding immediately after the second amendment and restatement. The new credit facility will allow the Company to continue to fund its growth opportunities and reduce total borrowing costs.
RigNet Completes Bank Refinancing Led By Bank Of America, N.A.
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