Posted on: 14 August 2014
Mesa Air Group has secured a working capital draw loan from Tennenbaum Capital Partners for $30 million on the conditions that the funds are available for up to two years and have a five year term in total.
“This is an important step in our long-term growth plan as we continue to ‘fund the future’ with a strong financial base and the ability to finance aircraft in today’s challenging market,” said Mesa chairman and CEO Jonathan Ornstein.
In the past sixteen months Mesa has added 6 Embraer 175s (to be operated for United Airlines) and 19 Bombardier CRJ900s (to be operated for American Airlines), with plans for an additional 24 E175s to be delivered over the next two years.
The loan will support these aircraft purchases as well as covering growth-related expenses.