The deals are designed to strengthen Surf Air Mobility’s balance sheet and reduce future shareholder dilution.
Surf Air Mobility Inc. announced two debt financing transactions.
The deals are designed to strengthen its balance sheet and reduce future shareholder dilution.
The full 261-page 8-K filing is at the end of this report.
In the first part, Surf Air has entered into a definitive agreement to refinance its existing senior secured convertible note.
That note was due in 2028.
It had a currently outstanding principal amount of approximately $46.9 million.
A new $16.9 million senior-secured convertible note is due in 2027.
Also new is a non-convertible $30 million senior secured term note due 2028.
The announcement expects the remaining principal to be reduced from the original $74 million to $47 million.
Monthly payments could be reduced by up to 50%.
Separately, several subsidiaries of Surf Air Mobility have entered a new non-convertible $21.6 million asset-backed loan.
The loan is secured by new and existing aircraft.
The loan increases balance sheet liquidity.
It will be funded in two tranches.
The first disbursement occurred on June 30, 2026.
A second disbursement of $14 million is expected to occur within 30 days.
The transactions are expected to “significantly lower” near-term cash obligations, extend debt maturities, and improve balance sheet liquidity.
CFO Oliver Reeves says,” With these two important transactions, we are positioning ourselves to shift the majority of our convertible debt to term debt to minimize shareholder dilution.”
He continues, “Upon completion, we expect significantly lower amortization, less dilution, and far greater flexibility around our liquidity going forward.”
CEO Deanna White adds, “Stability in our capital structure will allow us to focus on both continuing to improve our operations and the commercialization of SurfOS.”
She says, “Our recent business development announcements with Palantir, Wheels Up, and BETA Technologies all represent momentum across our core objectives, and we look forward to communicating additional commercial milestones throughout the remainder of 2026.”
SRFM opened trading at $1.13.
Its 52-week range has spanned from $0.84 to $9.91.
READ: Surf Air Financing – July 1, 2026 8-K Filing
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