Loan & DebtJul 1, 2026, 09:02 AM
Surf Air Mobility Refinances $46.9M Note, Secures $21.6M Loan
AI Summary
Surf Air Mobility Inc. announced debt financing transactions to strengthen its balance sheet and reduce future shareholder dilution. The company refinanced its existing $46.9 million Senior Secured Convertible Note into a new $16.9 million convertible note and a $30 million non-convertible term note. Additionally, it secured a new $21.6 million asset-backed loan and reduced the exercise price of warrants from $3.32 to $1.12 per share. These actions are expected to significantly lower near-term cash obligations, extend debt maturities, and improve liquidity.
Key Highlights
- Refinanced $46.9 million existing Senior Secured Convertible Note.
- Issued new $16.9 million Senior Secured Convertible Note due 2027.
- Issued new $30 million Senior Secured Term Note due 2028.
- New Term Note accrues 12% interest per annum from January 1, 2027.
- Secured new non-convertible $21.6 million asset-backed loan.
- Reduced warrant exercise price from $3.32 to $1.12 per share.
- Monthly amortization payments reduced by up to 50%, from $4M to $2M.
Price Impact
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