Oct 11, 2007
RigNet Completes Comerica Bank Refinancing
HOUSTON, TX - October 11, 2007 - RigNet, Inc., a leading global provider of managed communications solutions for the upstream oil and gas industry, announced today the refinancing of its debt with Comerica Bank that continues funding the Company's strong growth, reduces total borrowing costs and simplifies the debt structure.
The new debt package includes a new term loan facility and equipment line that will be used to fund capital expenditures on new customer projects. The new term loan reduces RigNet's borrowing costs as a result of overall pricing and continued improving financial performance.
"Comerica Bank's Technology & Life Sciences Division has extensive experience in providing innovative financing to growing companies like RigNet," said Chad Neely, Vice President, Technology & Life Sciences Division. "We are extremely pleased to be able to work with RigNet, and we look forward to expanding our relationship as the company grows." Added RigNet CFO Marty Jimmerson, "Comerica has truly been a strategic financing partner for RigNet, and this is just another example of how they continue to meet our financing needs in the business. We appreciate the confidence Comerica has shown in RigNet and this management team."
Addressing the communications challenges faced by oil and gas companies today in remote locations, RigNet uses the leading satellite and networking technologies to provide high-quality solutions for broadband data, voice and video communications, as well as real-time data management. RigNet installs, manages and supports communication systems without requiring its customers to invest in and manage expensive telecommunications equipment, allowing them to redirect valuable resources to their core businesses. RigNet real-time data management acquires, distributes and manages real-time and historical well site data.
Comerica Bank's Technology and Life Sciences Division is one of the nation's leading technology banking practices, offering a wide range of financial services tailored to corporate customers, entrepreneurs and professionals. The Technology and Life Sciences Division serves all major U.S. technology centers from offices coast-to-coast, including Austin, Texas. The Texas Market of Comerica Bank includes 73 banking centers in the key Texas markets of Dallas, Houston and Austin. Comerica Bank is a subsidiary of Comerica Incorporated, a Fortune 500 financial services company strategically aligned into three business segments: the Business Bank, Retail Bank, and Wealth & Institutional Management. Comerica announced earlier this year that it would move its corporate headquarters in 2007 from Detroit, Mich., to Dallas, which will make Comerica the largest bank holding company headquartered in Texas. In addition to Texas, Comerica Bank locations can be found in Michigan, California, Florida and Arizona, with select businesses operating in several other states, Canada and Mexico. Comerica Incorporated reported total assets of $58.6 billion at June 30, 2007. To receive e-mail alerts of breaking Comerica news, go to http://www.comerica.com/newsalerts.
RigNet, Inc. is a leading global provider of managed communication services exclusively to the upstream oil and gas industry. The Company holds the prestigious Cisco Powered Network designation, meeting the most stringent standards for network reliability and performance, and was recently named one of America's fastest-growing private companies as ranked in Inc. Magazine's distinguished Inc. 500. RigNet has worldwide installations throughout 21 countries and 6 continents, spanning the global offshore drilling and production industry. Based in Houston, Texas, RigNet has offices in Louisiana, Brazil, Malaysia, Nigeria, Norway, Qatar, Saudi Arabia, Singapore, United Arab Emirates and the United Kingdom. For more information, please visit www.rig.net.
