Global Crossing Airlines Group Inc. (JETMF): debt financing — Global Crossing Airlines secures $5M loan at 20% interest to fund fleet expansion

Global Crossing Airlines Group Inc.

Up to $5M promissory note from a third-party lender, unsecured, non-convertible, no warrants.
Loan bears 20% annual interest, six-month maturity, funded in two $2.5M tranches.
Proceeds will support working capital, charter operations, and delivery of four freighter aircraft in Q1 2023.
Company took possession of first A321 freighter on Jan 26 and expects three more within 45 days.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Global Crossing Airlines Group Inc. incurred loan of up to US$5,000,000 at 20% per annum maturing six months from the date of issuance.

Instrument: loan
Principal: up to US$5,000,000
Rate: 20% per annum
Maturity: six months from the date of issuance
Event: incurrence

Exact text from the filing

On January 27, 2023, Global Crossing Airlines Group Inc. (the “Company”) and Global Crossing Airlines Inc. (“Global Subsidiary”), a wholly-owned subsidiary of the Company, became parties to promissory note (the “Note”) which evidences Global Subsidiary’s loan of up to US$5,000,000 (the “Loan”) from a third party lender.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Global Crossing Airlines Group Inc. entered into Note valued at US$5,000,000 (effective 2023-01-27).

Action: entry
Agreement: credit facility
Value: US$5,000,000
Effective: 2023-01-27

Exact text from the filing

On January 27, 2023, Global Crossing Airlines Group Inc. (the "Company") and Global Crossing Airlines Inc. ("Global Subsidiary"), a wholly-owned subsidiary of the Company, became parties to promissory note (the "Note") which evidences Global Subsidiary's loan of up to US$5,000,000 (the "Loan") from a third party lender.

View on SEC.gov

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Global Crossing Airlines Group Inc. filing history →

Source: SEC EDGAR

accession 0001193125-23-021369

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