Surf Air Mobility Refinances Its Existing Senior Secured Convertible Note, With Expected Reduction In Remaining Principal From $74M To $47M

Separately, certain subsidiaries of Surf Air Mobility have received the first disbursement of a new non-convertible $21.6 million asset-backed loan secured by new and existing aircraft. Together, the transactions are expected to significantly lower the Company’s near-term cash obligations, extend debt maturities and improve balance sheet liquidity. Convertible Refinancing Surf Air Mobility has entered into a definitive agreement to refinance its existing senior secured convertible note due 2028, with a currently outstanding principal amount of approximately $46.9 million, into a new $16.9 million senior secured convertible note due 2027 and a new non-convertible $30 million senior secured term note due 2028. The new notes will be senior secured obligations of the Company, guaranteed by certain of the Company’s subsidiaries. Surf Air Mobility anticipates closing on the senior secured c...