With the repricing, the Company has achieved a highly beneficial interest rate reduction of 150 basis points, as the interest rate based on the London Interbank Offered Rate has been reduced to LIBOR + 3.0 percent. The Company estimates this will reduce interest expense on the initial loan balance by approximately
In addition, due to strong demand, the Company has opportunistically increased its borrowings under the Term Loan by
Except for an increase in the required quarterly principal payment to
"The opportunity to reprice this loan with a 150 basis point reduction and upsize by an additional
"Lowering our cost of capital also helps to further strengthen our already very strong balance sheet," he continued. "We are committed to continuous improvement of our capital structure."
Allegiant Media Relations
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