8-K
filed August 7, 2023, 7:59 PM ET
ticker JETMF
CIK 0001846084
debt
confidence high
sentiment positive
materiality 0.75
Global Crossing Airlines Group Inc. (JETMF): debt financing — Global Crossing Airlines closes $35M 15% senior secured notes; appoints Axar Capital's Axelrod to board
Global Crossing Airlines Group Inc.
- $35M senior secured notes due 2029 at 15% fixed interest, plus 1.75% upfront fee.
- Proceeds to repay $6M existing debentures and $2.5M shareholder loan; balance for fleet expansion.
- Axar Capital funds managed $2.3B AUM; Andrew Axelrod appointed to board effective Aug 3, 2023.
- 10M warrants issued at $1.00 exercise price, expiring June 30, 2030, with cashless exercise option.
- Fleet currently 11 aircraft, expected to reach at least 16 by end of 2023.
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 senior notes of $35 million with U.S. Bank Trust Company, National Association at 15% per annum maturing August 2, 2029.
- Instrument
- senior notes
- Principal
- $35 million
- Counterparty
- U.S. Bank Trust Company, National Association
- Rate
- 15% per annum
- Maturity
- August 2, 2029
- Event
- incurrence
Exact text from the filing
(each, a “Warrant”). Pursuant to the terms of the Subscription Agreement, on the Closing Date, the Initial Purchasers purchased (i) Notes in the aggregate principal amount of $35 million and (ii) 10 million common stock warrants (each, a “Warrant”) in the aggregate in a private placement (the “Offering’) exempt from the registration requirements of the Securities
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.9
Andrew Axelrod was appointed as Director at Global Crossing Airlines Group Inc..
- Action
- appointed
- Role
- Director
Exact text from the filing
the board of directors of the Issuer appointed Andrew Axelrod a director of the Issuer on August 3, 2024, effective immediately.
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
Global Crossing Airlines Group Inc. entered into Security Agreement with U.S. Bank Trust Company, National Association, as collateral agent (effective 2023-08-02).
- Action
- entry
- Agreement
- credit facility
- Counterparty
- U.S. Bank Trust Company, National Association, as collateral agent
- Effective
- 2023-08-02
Exact text from the filing
the Issuer, the Guarantors and the Collateral Agent entered into a Security Agreement, dated the August 2, 2023 (the “Security Agreement”).
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
Global Crossing Airlines Group Inc. entered into Subscription Agreement with the initial purchasers party thereto valued at $35 million (effective 2023-08-02).
- Action
- entry
- Agreement
- credit facility
- Counterparty
- the initial purchasers party thereto
- Value
- $35 million
- Effective
- 2023-08-02
Exact text from the filing
On August 2, 2023 (the “Closing Date”), Global Crossing Airlines Group, Inc. (the “Issuer”), Global Crossing Airlines, Inc. (“GCA”), certain other direct and indirect subsidiaries of the Issuer (the “Guarantors”) and the initial purchasers party thereto (the “Initial Purchasers”) entered into a Subscription Agreement for the purchase from the issuer of senior secured notes due 2029 (the “Notes”) and common stock warrants (each, a “Warrant”).
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
Global Crossing Airlines Group Inc. entered into Indenture with U.S. Bank Trust Company, National Association, as trustee and as collateral agent (effective 2023-08-02).
- Action
- entry
- Agreement
- notes offering
- Counterparty
- U.S. Bank Trust Company, National Association, as trustee and as collateral agent
- Effective
- 2023-08-02
Exact text from the filing
The Issuer, the Guarantors and U.S. Bank Trust Company, National Association, as trustee (in such capacity, the “Trustee”) and as collateral agent (in such capacity, the “Collateral Agent”), entered into an indenture (the “Indenture”) with respect to the Notes.
View on SEC.gov
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