Orrick, Herrington & Sutcliffe LLP
11/26/2024 | Press release | Distributed by Public on 11/26/2024 07:35
Surf Air Mobility Secures $50 Million Financing
Surf Air Mobility Inc., a leading regional air mobility platform, has closed on a $50 million term loan financing, consisting of $44.5 million of funded loans and $5.5 million of delayed draw commitments.
THE COMPANY
Based in Los Angeles, Surf Air Mobility is a regional air mobility platform. It is the largest commuter airline in the U.S. by scheduled departures and the largest passenger operator of Cessna Caravans in the U.S.
Surf Air is developing an AI-powered airline software operating system and working toward certification of electric powertrain technology.
The company plans to offer its technology solutions to the entire regional air mobility industry to improve safety, efficiency, profitability and reduce emissions.
THE IMPACT
This financing will help Surf Air begin the next phase of its transformation, which will allow the company to achieve its long-term goal of introducing software and electrified aircraft to become the world's premier regional air mobility platform.
"As we enter the next phase of our transformation plan, we are focused on optimizing operations and capital allocation to meaningfully improve profitability in the near term," Interim CEO and Chief Operating Officer Deanna White said.
"As we look further ahead, phases three and four of our plan will allow us to become the technology-enabled platform best positioned to capture a significant share of the $75B+ global regional air mobility market."
THE TEAM
J.T. Ho led the Orrick team that advised Surf Air. The team included Adam Ross, Taylor Mitchell and Travis Cherry.