FLYEXCLUSIVE INC. (FLYX): debt financing — flyExclusive secures $25.8M credit facility with EnTrust Global for fractional jet program

FLYEXCLUSIVE INC.

Two-year revolving credit facility up to $25.8M, with $25M to finance fractional ownership aircraft.
Interest rate of 3% on escrowed funds and 13% on drawn balances; monthly principal payments of 1% of drawn advances.
Facility matures Jan 26, 2026; secured by aircraft sale proceeds, deposit accounts, and second lien on membership interests.
Gregg Hymowitz (board member, EnTrust CEO) is beneficial owner of ~21% of FLYX Class A common; transaction approved by disinterested directors.
Proceeds to support vertical integration strategy; press release also notes $30M state investment for new headquarters and training center.

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

FLYEXCLUSIVE INC. incurred senior notes of up to approximately $25.8 million with ETG FE LLC at 3.00% per annum for the outstanding principal amount on deposit in the cash escr maturing January 26, 2026.

Instrument: senior notes
Principal: up to approximately $25.8 million
Counterparty: ETG FE LLC
Rate: 3.00% per annum for the outstanding principal amount on deposit in the cash escr
Maturity: January 26, 2026
Event: incurrence

Exact text from the filing

approved by a meeting of our Board of Directors, with only disinterested directors voting. The Note covers borrowings of an aggregate principal amount of up to approximately $25.8 million, up to $25.0 million of which is to finance the purchase or refinancing of aircraft relating to the Company’s fractional ownership program (the “Revolving Loan”). The Note

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

FLYEXCLUSIVE INC. entered into Senior Secured Note with ETG FE LLC valued at aggregate principal amount of up to approximately $25.8 million (effective 2024-01-26).

Action: entry
Counterparty: ETG FE LLC
Value: aggregate principal amount of up to approximately $25.8 million
Effective: 2024-01-26

Exact text from the filing

in such capacity, the “Parent Guarantors”) entered into a Senior Secured Note (the “Note”) with ETG FE LLC, as the initial holder of the Note (the “Noteholder”), Kroll Agency Services, Limited, as administrative agent (the “Administrative Agent”) and Kroll Trustee Services, Limited, (the “Collateral Agent”).

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299 debt financings filed in the last 30 days. Browse all debt financings →

FLYEXCLUSIVE INC. filing history →

Source: SEC EDGAR

accession 0001193125-24-021885

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