Surf Air Mobility exchanges $47M convertible note for $17M convertible and $30M term note; gets $21.6M asset-backed loan

SURF AIR MOBILITY INC.

Existing $46.9M convertible note exchanged for $16.9M convertible (due 2027) and $30M term note (due 2028); principal reduced 64%.
Monthly payment obligation cut from up to $4M to $2M; company can pay in cash or stock at its option.
New $21.6M asset-backed loan, interest 13.5%, secured by aircraft; first tranche $7M funded, second $14M pending conditions.
Warrants issued: 710k shares at $1.2555, 617k shares at $1.6740; plus up to 2.5M warrants to Park Lane for letter of credit.

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