Avantair restructures its aircraft financing

Avantair, the industry leader of fractional aircraft ownership in the light jet cabin category and the only publicly traded stand-alone private aircraft operator, recently announced its closing on $2.8 million of senior secured convertible notes.

These notes are convertible into shares of the company’s common stock at $0.25 per share and were issued with warrants to purchase additional shares of common stock over a five year period at $0.50 per share. The notes have a three year term and an interest rate at 2% payable per annum payable at maturity, subject to increase in certain circumstances. This financing was led by members of the Company’s Board of Directors.