{"id":8736,"date":"2020-09-29T20:50:55","date_gmt":"2020-09-30T01:50:55","guid":{"rendered":"http:\/\/planesintheair.com\/?p=8736"},"modified":"2020-09-29T20:52:14","modified_gmt":"2020-09-30T01:52:14","slug":"skywest-enters-into-secured-loan-facility-under-cares-act","status":"publish","type":"post","link":"https:\/\/planesintheair.com\/?p=8736","title":{"rendered":"SkyWest Enters Into Secured Loan Facility Under CARES Act"},"content":{"rendered":"\n

St. George, Utah,\u00a0Sept. 29, 2020\u00a0\/PRNewswire\/ — SkyWest, Inc. (NASDAQ: SKYW<\/a>) (“SkyWest”) today announced that it and its wholly-owned subsidiary SkyWest Airlines, Inc. have entered into a five-year Loan and Guarantee Agreement with the U.S. Treasury Department \u00a0which provides SkyWest Airlines with a secured term loan facility to borrow up to\u00a0$573 million\u00a0under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). On\u00a0September 29, 2020, upon entry into the Loan Agreement, SkyWest Airlines borrowed\u00a0$60 million\u00a0under the facility\u00a0 and has until\u00a0March 26, 2021\u00a0to determine if it will borrow additional amounts in up to two subsequent borrowings.<\/p>\n\n\n\n

The interest rate under the secured term loan facility is LIBOR plus 3.0% with no amortization. In consideration for the loan, SkyWest is obligated to issue warrants to the U.S. Treasury Department to purchase shares of common stock based on, and in connection with, amounts drawn under the secured term loan facility. In connection with the initial $60 million draw under the facility, SkyWest issued warrants to purchase 211,416 shares of common stock at an exercise price of $28.38 per share. <\/p>\n\n\n\n

The Loan and Guarantee Agreement also includes certain restrictions, including restrictions on the payment of dividends and the repurchase of SkyWest shares. The Secured Loan is collateralized by aircraft engines and aircraft parts.<\/p>\n\n\n\n

\"\"<\/figure>\n","protected":false},"excerpt":{"rendered":"

SkyWest, Inc. (NASDAQ: SKYW) (“SkyWest”) today announced that it and its wholly-owned subsidiary SkyWest Airlines, Inc. have entered into a five-year Loan and Guarantee Agreement with the <\/p>\n","protected":false},"author":1,"featured_media":8737,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10174,797,4813,89,5637,8222,10701,10700,5992,5670,2203,5500,4957,10169,10176,1397,10173,10195,10171,868,10182,1103],"tags":[1011,1697,4192,464,420,118,12599,6741,160,12597,11052,12601,3163,10030,1635,10060,2837,828,8628,7215,2665,3683,7016,4420,1536,12598,3615,2370,412,12600,6582,1958,2497,2452,2096,3321,4716,2083,1699,9877,2998,2275,2107,117,2109,101,2164,1691,1658,7104,631,5146,659,10943,12596,4353],"class_list":["post-8736","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-airline","category-airline-news","category-airplane-news","category-aviation-news","category-business-news","category-consumer-news","category-coronavirus","category-covid-19","category-economic-news","category-economy-news","category-finance-news","category-frequent-flyer-news","category-global-politics","category-news","category-stock-news-2","category-stock-news","category-stockairline","category-transport","category-transportation","category-transportation-news","category-travel","category-travel-news","tag-act","tag-agreement","tag-aid","tag-aircraft","tag-airline","tag-airlines","tag-amortization","tag-announced","tag-aviation","tag-borrow","tag-cares","tag-collateralized","tag-common","tag-coronavirus","tag-department","tag-dividends","tag-economic","tag-engines","tag-entered","tag-enters","tag-facility","tag-five","tag-guarantee","tag-interest","tag-issue","tag-libor","tag-loan","tag-nasdaq","tag-news","tag-obligated","tag-owned","tag-parts","tag-payment","tag-prnewswire","tag-purchase","tag-rate","tag-relief","tag-repurchase","tag-restrictions","tag-secured","tag-security","tag-shares","tag-skyw","tag-skywest","tag-st-george","tag-stock","tag-subsidiary","tag-transport","tag-transportation","tag-treasury","tag-u-s","tag-under","tag-utah","tag-warrants","tag-wholly","tag-year"],"_links":{"self":[{"href":"https:\/\/planesintheair.com\/index.php?rest_route=\/wp\/v2\/posts\/8736","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/planesintheair.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/planesintheair.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/planesintheair.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/planesintheair.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=8736"}],"version-history":[{"count":1,"href":"https:\/\/planesintheair.com\/index.php?rest_route=\/wp\/v2\/posts\/8736\/revisions"}],"predecessor-version":[{"id":8738,"href":"https:\/\/planesintheair.com\/index.php?rest_route=\/wp\/v2\/posts\/8736\/revisions\/8738"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/planesintheair.com\/index.php?rest_route=\/wp\/v2\/media\/8737"}],"wp:attachment":[{"href":"https:\/\/planesintheair.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=8736"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/planesintheair.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=8736"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/planesintheair.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=8736"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}