Surf Air Mobility announced today an agreement with Jetstream Aviation Capital for financing of up to $450 million through a customized operating lease and sale structure that will fund the planned growth of SAM’s fleet of turboprop aircraft. SAM will have access to this financing facility over the next six years for both new and used Cessna Caravan and Pilatus PC-12 aircraft, subject, among other things, to the entry into separate binding sale and purchase agreements for each individual aircraft and a separate binding lease agreement for each individual aircraft.
In addition, Jetstream intends to commit to purchase up to 250 hybrid and fully-electric powertrains from SAM over five years.
SAM has a $1.42 billion deal pending with Tuscan Holdings II. The deadline has been extended up to Dec. 31.
Announced in May, the deal would fetch up to $467 million in gross cash proceeds, including committed capital from iHeartMedia, and Partners For Growth, and an equity line from Global Emerging Markets, as well as from THCA’s cash in trust (assuming no stockholder redemptions). The deal is also conditioned on the closing of the acquisition of Southern Airways. Read more.
