Mitsubishi UFJ Financial Group (MUFG), a provider of financial services, has closed a US$75 million senior secured revolving credit facility (RCF) for Sun Country Airlines (Sun Country). MUFG acted as sole structuring agent and joint lead arranger with a US$37.5 million commitment. Sumitomo Mitsui Banking Corporation, serving as the other joint lead arranger, provided the remaining US$37.5 million commitment.
The facility replaces Sun Country's existing US$25 million RCF and is designed to provide additional liquidity for the airline, to be used for general corporate purposes. The facility may be secured by a mix 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. “We continue to grow our unique and successful business model, and greatly appreciate the leadership and participation of MUFG, one of our key partners.”
Benoist de Vimal, Head of Aviation Originations in the Americas at MUFG, spoke positively about the completion of the transaction with Sun Country, highlighting its significance for both parties. “We appreciate Sun Country's trust in our bank and look forward to continuing to expand the relationship and supporting them with their needs in the future.”
