Corporate Finance
Surf Air Mobility Says Conditions Met for Approximately $14 Million Debenture Balance
Surf Air Mobility said closing conditions tied to the remaining approximately $14 million of its senior secured debentures were satisfied on August 10, 2026. The company said net proceeds from the second tranche will support general working
By Carter Hayes ·
Key takeaways
- Surf Air Mobility said the closing conditions for the remaining balance of its senior secured debentures were satisfied on August 10, 2026.
- The debentures have an aggregate face amount of $21.6 million, including an initial debenture of approximately $7 million issued on June 30, 2026.
- The remaining balance is approximately $14 million and had been subject to closing conditions.
- The company said it will use net proceeds from the second tranche for general working capital purposes.
Conditions satisfied for remaining debenture balance
Surf Air Mobility Inc. reported that closing conditions associated with the remaining balance of its senior secured debentures were satisfied on August 10, 2026. The company had previously said that issuance of this remaining balance, approximately $14 million, was contingent on those conditions.
The debentures were purchased under a secured purchase agreement entered into on June 30, 2026 by the company, an institutional collateral agent and certain purchasers. The transaction has an aggregate face amount of $21.6 million.
An initial secured debenture with aggregate principal of approximately $7 million was issued on June 30, 2026. The filing does not state that the remaining balance had been issued as of the report date.
Deadline was extended
The deadline to satisfy the closing conditions was initially 30 days after the purchase agreement date. It was extended first to 40 days and then to 42 days.
The extensions involved the collateral agent, purchasers, holders of Surf Air’s senior secured convertible note due 2027 and the holder of its senior secured term note due 2028.
Use of proceeds
Surf Air said it will use net proceeds from issuance of the second tranche for general working capital purposes.
The company’s Form 8-K incorporates this financing disclosure into its report concerning a direct financial obligation. Its common stock trades on the New York Stock Exchange under the symbol SRFM.