Yellowstone Merger Target Sky Harbour Issuing $166.34M in Bonds

Yellowstone Acquisition in an 8-K filing said its merger patner Sky Harbour plans to issue $166.34 million next month in private activity tax-exempt senior bonds through municipal conduit issuer Public Finance Authority. The financing will be used to refinance existing debt and fund a development program at five airports consisting of 8 existing hangars and 74 new hangars in various phases located at Miami-Opa Locka Executive Airport, Sugar Land Regional Airport, Nashville International Airport, Centennial Airport and Phoenix Deer Valley Airport. 

Yellowstone announced a merger agreement earlier this month with the private aviation infrastructure company.

The combined company expects to receive up to $238 million in gross proceeds, assuming no redemptions. The figure excludes additional funds which may be raised in a PIPE. All Sky Harbour shareholders are retaining 100% of their equity in the combined company. Read more.

Related Posts