FloridaLarry
Well-Known Member
Great Lakes Aviation (parent of Great Lakes Airlines) has more lives than the Eveready Bunny.
They have new financing, at a better rate than they had. New lender: Callidus Capital, who signed an agreement with them yesterday (12/21/14) for a ten year period, for $25M at 14%, collateralized by their fleet and other assets. They also have two revolving loans for capital improvements and other uses, one for $10M and a second for $3M. Callidus is a private outfit based in NYC and operating several investment funds, but I can find little additional information about them.
Great Lakes' previous loans were at LIBOR plus 11% with a minimum of 15.5%, plus various penalty fees during the last year-plus of financial troubles.
There are, of course, various requirements spelled out in lots of fine print.
Let's hope their new business plan will support this higher debt at a somewhat lower rate.
Above from SEC form 8-K and previous filings.
They have new financing, at a better rate than they had. New lender: Callidus Capital, who signed an agreement with them yesterday (12/21/14) for a ten year period, for $25M at 14%, collateralized by their fleet and other assets. They also have two revolving loans for capital improvements and other uses, one for $10M and a second for $3M. Callidus is a private outfit based in NYC and operating several investment funds, but I can find little additional information about them.
Great Lakes' previous loans were at LIBOR plus 11% with a minimum of 15.5%, plus various penalty fees during the last year-plus of financial troubles.
There are, of course, various requirements spelled out in lots of fine print.
Let's hope their new business plan will support this higher debt at a somewhat lower rate.
Above from SEC form 8-K and previous filings.