Westwood Internet service provider Boingo Wireless has finalized a $50 million credit agreement with Bank of America Merrill Lynch and Silicon Valley Bank.
The four-year agreement includes a $46.5 million revolving credit facility and a $3.5 million term loan. Boingo can also request an increase of the facility for up to an additional $40 million.
“The credit facility will provide us with flexibility to continue investing in our strategic growth initiatives,” Boingo Chief Financial Officer Peter Hovenier said in a statement.
Shares of Boingo closed at $8 Wednesday, up 2 cents or about one-quarter percent.
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