flyExclusive (FLYX) has released an update to notify the public and investors about an entry into a material definitive agreement.
FlyExclusive Jet Share, LLC, a subsidiary of LGM Enterprises and part of flyExclusive, Inc., entered into a Senior Secured Note for $25.8 million on January 26, 2024, with ETG FE LLC holding the initial note and Kroll entities serving as agents. The Note, approved by the Audit Committee and Board of Directors, is for financing aircraft purchases or refinancing for the company’s fractional ownership program. It matures on January 26, 2026, with an interest rate of 3% for escrowed funds and 13% for withdrawn funds, featuring prepayment conditions and events. The Note is guaranteed by the company’s Parent Guarantors and a Personal Guarantor and is secured by collateral including aircraft and cash proceeds.
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For a comprehensive understanding of the announcement, you can read the full document here.
