Sky Harbour Group Corp (SKYH): debt financing — Sky Harbour acquires 51% stake in hangar supplier Rapidbuilt, guarantees $10M loan

Sky Harbour Group Corp

Acquired 51% equity interest in Overflow Ltd. and its subsidiary Rapidbuilt for nominal consideration.
Rapidbuilt manufactures pre-engineered steel hangar buildings; prior vendor supply agreement existed.
Sky guaranteed all obligations under existing $10M Overflow Loan (SOFR+3%, matures Dec 2025).
Loan amendment includes waiver of pre-existing defaults, consent to change of control, and reserve enhancement terms.
Acquisition aims to standardize proprietary hangar designs, reduce construction costs and development risk.

item 1.01 item 2.03 item 8.01 item 9.01 item 3.05

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

Sky Harbour Group Corp amended credit facility of approximately $10.0 million of principal outstanding with Vista Bank at 3.00% above the three-month secured overnight financing rate maturing December 1, 2025.

Instrument: credit facility
Principal: approximately $10.0 million of principal outstanding
Counterparty: Vista Bank
Rate: 3.00% above the three-month secured overnight financing rate
Maturity: December 1, 2025
Event: amendment

Exact text from the filing

obligations under the Overflow Loan will be guaranteed by Sky. The Overflow Loan was originated in December 2020 between the Borrowers and the Lender and has approximately $10.0 million of principal outstanding as of the Option Exercise Date. The Overflow Loan accrues interest at a per annum rate equal to 3.00% above the three-month secured overnight financing

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

Sky Harbour Group Corp amended Loan Amendment with Vista Bank valued at approximately $10.0 million.

Action: amendment
Agreement: credit facility
Counterparty: Vista Bank
Value: approximately $10.0 million

Exact text from the filing

consent, waiver, and second amendment (the “Loan Amendment”) and a guaranty agreement (the “Guaranty Agreement”) associated with the senior loan agreement between Overflow and Rapidbuilt (collectively, the “Borrowers”), and the Lender (the “Overflow Loan”)

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

Sky Harbour Group Corp entered into Guaranty Agreement with Vista Bank valued at approximately $10.0 million.

Action: entry
Agreement: credit facility
Counterparty: Vista Bank
Value: approximately $10.0 million

Exact text from the filing

consent, waiver, and second amendment (the “Loan Amendment”) and a guaranty agreement (the “Guaranty Agreement”) associated with the senior loan agreement between Overflow and Rapidbuilt (collectively, the “Borrowers”), and the Lender (the “Overflow Loan”)

View on SEC.gov

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Sky Harbour Group Corp filing history →

Source: SEC EDGAR

accession 0001437749-23-014241

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