MUFG has closed a $75 million senior secured revolving credit facility (RCF) for Sun Country Airlines.
The facility will replace Sun Country's existing $25 million RCF and is intended to provide additional liquidity for Sun Country to be used for general corporate purposes. The facility may be secured by a combination of aircraft, engines, spare parts, inventory, receivables, and cash.
"This new revolving credit facility provides Sun Country with enhanced financial flexibility to pursue new opportunities as they arise," said Dave Davis, president and chief financial officer at Sun Country Airlines.
Davis added: “We continue to grow our unique and successful business model, and greatly appreciate the leadership and participation of MUFG, one of our key partners."
The bank acted as sole structuring agent and a joint lead arranger with a $37.5 million commitment. Sumitomo Mitsui Banking Corporation, acting as the other joint lead arranger, provided the additional $37.5 million commitment.