Sky Harbour Subsidiary Secures $10M Promissory Note with Equity Component
Summary
Sky Harbour's subsidiary secured a $10 million promissory note with a 7.75% interest rate and issued 40,000 shares, adding to recent capital raising efforts.
Key Events
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$10 Million Promissory Note Issued
Sky Harbour LLC, a subsidiary, issued a $10 million unsecured promissory note to YA II PN, Ltd. (Yorkville), guaranteed by the parent company.
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Note Terms and Repayment
The note accrues interest at 7.75% per annum, matures on June 8, 2027, and requires monthly repayments of $833,333.33 starting July 8, 2026.
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Equity Issuance to Lender
In connection with the note, Sky Harbour Group Corporation agreed to issue 40,000 shares of Class A common stock to Yorkville.
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Use of Proceeds
The funds from the promissory note will be used for working capital and general corporate purposes.
Analysis
This 8-K filing details a new $10 million unsecured promissory note issued by Sky Harbour LLC, a subsidiary, to Yorkville. The note carries a 7.75% interest rate and requires monthly repayments starting July 2026, maturing in June 2027. The parent company guarantees the debt, and 40,000 shares of common stock will be issued to Yorkville as part of the agreement. This financing, intended for working capital, follows recent announcements of a $100 million bond offering and an expanded ATM program, indicating a continued focus on strengthening the company's capital position.
At the time of this filing, SKYH was trading at $9.31 on NYSE in the Real Estate & Construction sector, with a market capitalization of approximately $707.9M. The 52-week trading range was $8.22 to $14.20. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.