New York - August 28, 2020 - A Corporate Finance team of Rajiv Khanna, Daniel Richey and Sarah Tobias represented Surf Air Global Ltd., a Santa Monica-based luxury commuter airline, in securing a $200 million structured equity line of credit from Luxembourg-based alternative investment group Global Emerging Markets (GEM).
The facility provides Surf Air the right to put shares of its common stock to GEM on demand for up to three years following an initial public offering on a major U.S. securities exchange. The deal provides providing the company leverage and financial support for a potential IPO.
Surf Air features a unique subscription model where customers pay monthly fees for unlimited travel. The company has seen rapid expansion in recent years, growing from its West Coast home to serve Texas, after acquiring Texas-based airliner RISE in 2017, and launching service in Europe. In 2018, the company announced plans to expand to 10 new destinations throughout Europe.
GEM has more than $3.4 billion of assets under management around the world.
More information can be found in this Bloomberg article.