Sky Harbour secures $200 million tax-exempt facility from JPMorgan

WEST HARRISON, N.Y. - Sky Harbour Group Corporation (NYSE:SKYH), an aviation infrastructure company with a market capitalization of $806 million building a nationwide network of business aircraft hangars, announced Thursday it has closed a $200 million tax-exempt warehouse drawdown committed bank facility with JPMorgan Chase Bank. According to InvestingPro data, the company has demonstrated strong revenue growth of 94% in the last twelve months.

The facility was issued through the Public Finance Authority of Wisconsin with Sky Harbour Capital II, LLC, a wholly owned subsidiary of Sky Harbour Group, serving as the initial borrower. InvestingPro analysis indicates the company may face challenges with debt servicing, making this financing structure particularly significant. Get access to 8 more key ProTips and comprehensive financial analysis with an InvestingPro subscription.

The financing arrangement features a 5-year bullet maturity, 65% leverage, and a floating interest rate currently at approximately 5.60%. The facility allows for drawdowns for eligible new hangar projects and includes capitalized monthly interest during the first three years. Subject to credit approval, it may be expanded to $300 million. The company maintains a current ratio of 2.21x, indicating sufficient liquid assets to meet short-term obligations.

"After a highly competitive process that included numerous banks and products, we determined that the tax-exempt warehouse drawdown committed bank facility is the most favorable and cost-efficient borrowing mechanism for the funding of our next set of projects," said Francisco Gonzalez, Sky Harbour’s CFO, in the press release. For detailed insights into Sky Harbour’s financial health and growth prospects, access the comprehensive Pro Research Report, available exclusively on InvestingPro.

Sky Harbour Group develops, leases, and manages general aviation hangar campuses across the United States, targeting private and corporate aircraft owners.

McGuireWoods LLP acted as administrative agent and lender’s counsel to JPMorgan, while Greenberg Traurig, LLP and Morrison & Foerster LLP provided legal counsel to Sky Harbour Capital II.

The information in this article is based on a company press release statement.

In other recent news, Sky Harbour Group reported its second-quarter 2025 earnings, revealing a significant 82% year-over-year increase in revenue, reaching $6.6 million. This figure surpassed the analysts’ forecast of $6.43 million. The earnings per share (EPS) forecast was set at -$0.1571. Additionally, Freedom Broker adjusted its price target for Sky Harbour Group, reducing it from $12.00 to $11.00, while maintaining a Hold rating. The broker attributed the adjustment to the company’s recent financial performance, which included strong top-line growth driven by acquisitions and new campus deliveries. These developments reflect the company’s ongoing strategies and market activities.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.