Silver Airways secures $73m facility

The airline, formed by Victory Park following its acquisition of Gulfstream International in 2011, offers flights in the US and the Bahamas.

Victory Park Capital has recapitalised Silver Airways with a $73 million facility agented by GB Credit Partners and Crystal Financial, according to statement released on Monday.

The facility includes a revolving line of credit and a delayed draw term loan that will be used to grow the airline’s fleet. A separate term loan will be used to lower the company’s blended cost of capital, according to a statement. The recapitalisation represents a partial liquidity event for Victory Park.

Victory Park spokeswoman Taylor Trovillion had not responded to a request for comment at press time.

“Due to GB Credit Partners’ deep understanding of the airline industry, they were very responsive and were able to structure a facility that provided additional sponsor liquidity and operational flexibility,” said Victory Park partner Mathew Ray in a statement released by GB Credit Partners.

Silver Airways provides flights throughout the US Southeast and Mid-Atlantic as well as the Bahamas. Victory Park formed the airline after acquiring the assets of Gulfstream International Airlines in 2011 through bankruptcy.  

Victory Park specialises in mid-market distressed investments and credit opportunities, usually for transactions between $25 million and $100 million in size. The Chicago-based firm also manages direct lending and SBIC strategies.