M&A - Global Crossing Airlines Group Inc.
Form Type: 8-K
Filing Date: 2025-07-16
Corporate Action: Acquisition
Type: New
Accession Number: 000095017025095998
Filing Summary: On July 9, 2025, Global Crossing Airlines, Inc., a subsidiary of Global Crossing Airlines Group Inc., entered into an Aircraft Sale Agreement with Wilmington Trust Company for the purchase of one used Airbus A320-214 aircraft. This transaction marks the first ownership of an aircraft by the company, which had previously leased the aircraft. The net purchase amount for the aircraft was approximately $14,280,000, financed through a Loan Agreement that allowed for borrowing up to $14,650,000. Monthly repayments will begin at $375,000 for the first year, transitioning to lower amounts thereafter, with the debt to be settled by March 1, 2031, or before the next 12Y-Check for the aircraft. The Loan Agreement includes provisions for prepayment and is secured by a first priority security interest in the aircraft, along with other collateral and guarantees from the subsidiary. A press release regarding the acquisition was issued on July 14, 2025.
Additional details:
Item 1: Aircraft Sale Agreement
Item 2: Aircraft Purchase Price
Item 2 Value: $14,280,000
Item 3: Loan Amount
Item 3 Value: $14,650,000
Item 4: Monthly Repayment Schedule
Item 4 Details: $375,000 for the first 12 months, $300,000 for the next 12 months, and $225,000 thereafter
Item 5: Loan Interest Rate
Item 5 Value: 8.84%
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