8-K/A filed December 26, 2023, 6:59 PM ET ticker JETMF CIK 0001846084

debt confidence high sentiment neutral materiality 0.60

Global Crossing Airlines Group Inc. (JETMF): debt financing — Global Crossing Airlines closes $5M additional notes; repurchases $4.3M existing notes

Global Crossing Airlines Group Inc.

Issued $5M of additional 15% Senior Secured Notes due 2029; net proceeds repurchased $4.316M of Aug 2023 notes.
Issued 1,428,736 warrants at $1.00 exercise price, expiring June 30, 2030; cancelled 1,233,285 previously issued warrants.
Andrew Axelrod appointed to board effective August 3, 2024 per subscription agreement board seat provision.
Notes are same series as Aug 2023 notes; secured by substantially all assets and guaranteed by material subsidiaries.

item 1.01 item 2.03 item 3.02 item 5.02 item 7.01 item 9.01

Executive movements

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Appointed

Andrew Axelrod

director

JETMF · Global Crossing Airlines Group Inc.

Effective: 2024-08-03
Filed: December 26, 2023, 6:59 PM ET

Pursuant to the Subscription Agreement, the board of directors of the Issuer appointed Andrew Axelrod a director of the Issuer on August 3, 2024, effective immediately.

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 $5 million with Additional Purchasers at 15% per annum.

Instrument: senior notes
Principal: $5 million
Counterparty: Additional Purchasers
Rate: 15% per annum
Event: incurrence

Exact text from the filing

On December 21, 2023, the Issuer, GCA and the Guarantors, and certain other Purchasers (the “Additional Purchasers” and together with the Initial Purchasers, the “Purchasers”) entered into a Subscription Agreement for the sale of an additional $5 million of Notes (the “Additional Notes”) and 1,428,736 warrants.

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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 Initial Purchasers at 15% per annum maturing August 2, 2029.

Instrument: senior notes
Principal: $35 million
Counterparty: Initial Purchasers
Rate: 15% per annum
Maturity: August 2, 2029
Event: incurrence

Exact text from the filing

Pursuant to the terms of the Subscription Agreement, on the Closing Date, the Initial Purchasers purchased (i) of Senior Secured Notes due 2029 (“Notes”) in the aggregate principal amount of $35 million

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Executive change SEC 8-K Item 5.02 confidence 0.95

Andrew Axelrod was appointed as director at Global Crossing Airlines Group Inc..

Action: appointed
Role: director

Exact text from the filing

Pursuant to the Subscription Agreement, 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

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Global Crossing Airlines Group Inc. filing history →

Source: SEC EDGAR

accession 0001193125-23-303027

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