Searchlight will invest M and receive that principal amount in secondlien notes due June , . Those notes include initial paymentinkind interest at /year, that later converts to cash at /year.
CEO Jeff Leddy has been named executive chairman and chairman of the board, and Josh Marks the companys executive VPConnectivity will replace him in the CEO slot, effective April .
Now readGlobal Eagle Entertainment, Inc. Q Results Earnings Call Slides »
Searchlight also gets a warrant to buy about .M shares for ./share, not exercisable until Jan. , , and only then if day volumeweighted average price ofENTcommon stock has been at or above ./share. It also gets a market warrant to buy an additional M shares for . each not exercisable until Jan. , , if the day VWAP has been at or above ./share.
Net proceeds of the deal of about M will significantly strengthen liquidity, the company says; it intends to use part to repay a full M drawn on its revolving credit.
Searchlight partners Eric Zinterhofer and Eric Sondag will join the Global Eagle board.
after hours alongside news that its agreed to aM investmentfrom Searchlight Capital Partners, and hasnamed a new CEO.globel newsGlobal Eagle as Searchlight invests M company names new CEO