Surf Air Mobility announced a set of financing actions to bolster liquidity and fund fleet growth. The company exchanged a $46.9 million balance on a prior 2028 convertible note into a new $16.86 million senior secured convertible note due 2027 and a $30 million senior secured term note due 2028, and reduced the exercise price of certain investor warrants to $1.12. Its subsidiaries also launched up to $21.6 million of senior secured, asset-backed debentures, including an initial ~$7 million tranche to finance Cessna Grand Caravan aircraft, with 13.5% interest, 2031 maturity, and associated investor warrants and registration rights. To support these financings, Surf Air Mobility amended its reimbursement agreement with Park Lane Investments to add a $14 million standby letter of credit and update an existing $30 million facility, with interest on draws and a 1% backstop fee.

Agreement 1: Surf Air Mobility Refinances $46.9M Note Into New 2027 Convertible and 2028 Term Notes

  • Agreement type: Omnibus amendment and exchange of senior secured notes
  • Counterparty: Existing lender and institutional investor
  • Signed / Effective: Jun 30 2026 / same
  • Duration / Termination: Convertible to Jul 01 2027; Term Note to Jan 01 2028
  • Reason: Refinance debt and improve liquidity flexibility

Agreement 2: Surf Air Mobility Raises Up to $21.6M in Asset-Backed Debentures to Finance Aircraft

  • Agreement type: Securities Purchase Agreement for senior secured asset-backed debentures
  • Counterparty: Institutional collateral agent and Purchasers
  • Signed / Effective: Jun 30 2026 / same
  • Duration / Termination: To Jun 30 2031
  • Reason: Finance aircraft purchases and working capital

Agreement 3: Surf Air Mobility Amends Reimbursement Agreement With Park Lane to Backstop New Credit

  • Agreement type: Amendment to reimbursement and security agreement for letters of credit
  • Counterparty: Park Lane Investments
  • Signed / Effective: Jun 30 2026 / same
  • Duration / Termination: At will
  • Reason: Provide credit support for notes and debentures

Original SEC Filing:

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