AirX issues €115m corporate bond

Business jet charter operator AirX has closed a €115m ($136m) bond deal. Norwegian investment bank Arctic Securities was bookrunner. 

The three-year bond has a 13% coupon and is backed by some of the company’s aircraft. It was not rated. AirX says that the bond issue was “significantly” oversubscribed. 

“AirX’s bond raise marks a defining moment in our 14-year journey, placing us at the forefront of a new era in private aviation,” said John Matthews, chairman and founder, AirX.  “For the first time, we stand shoulder to shoulder with Tier-1 global asset managers and pension funds, positioning AirX as a true institutional-grade platform.”

AirX has a Maltese AOC and an owned and leased fleet of 19 aircraft ranging from a Bombardier Challenger 850 to an two an Airbus A340-300. It says that it had sales of €155m in 2024 and €30m in EBITDA. It also has a maintenance facility at London Stansted, UK.

It joins a select group of business jet operators that have issued bonds comprising Flexjet, Vista and Wheels Up.