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.
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