News & Events
Crystal Financial SBIC - Silver Airways Corp. Deal Announcement
Silver Airways Corp. is a regional airline carrier headquartered in Fort Lauderdale, Florida. Silver operates almost 200 daily scheduled flights to/from 46 gateways in Florida, the Bahamas, Georgia, Alabama, Mississippi, Virginia, West Virginia, Pennsylvania, New York and Ohio. The airline, which offers more flights within Florida to The Bahamas than any other U.S. airline, has valued partnership and codeshare agreements with United Airlines and interline agreements with American Airlines, Delta Air Lines, JetBlue and US Airways.
Silver is owned by Victory Park Capital, an investment firm based in Chicago IL, which launched the new airline in May 2011 following the acquisition and restructuring of a now defunct company. The new funding will help position the company for additional growth and success.
The new senior debt facilities will be used to provide a partial repayment of investments the sponsor had made in Silver Airways since 2011 and to provide funding for growth. A group of lenders including Crystal Financial SBIC LP, Crystal Financial LLC and GB Merchant Partners provided term and revolving loans to Silver Airways. The loans are secured by all assets of the company including receivables, parts inventory and aircraft.