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Get filing alertsSky Harbour borrows $20M for Miami airport construction, must replenish with equity
Filed July 6, 2026 · Period ending June 29, 2026 · ~1 min read
Key Changes
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Subsidiary borrowed $20M under amended term loan to finance second phase of Miami-Opa Locka Executive Airport construction, drawn immediately on June 29.
Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR → -
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Amendment requires company to contribute $20M in cash to borrower entities to replenish the facility; can use proceeds from Series 2026 revenue bonds issued by another subsidiary.
Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR → -
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Borrowers agreed not to place liens on San José Mineta International Airport hangar campus or its equity interests until the $20M replenishment is complete.
Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR →
Summary
Sky Harbour borrowed $20 million under an amended term loan facility to finance the second phase of construction at its Miami-Opa Locka Executive Airport project. The borrowing was drawn immediately on June 29, 2026, through subsidiary SH Capital II in an arrangement with JPMorgan Chase as administrative agent.
Notably, the Miami project was not added to the borrowing base and its owner entity did not become a borrower under the facility. The amendment requires Sky Harbour to contribute at least $20 million in cash to the borrower entities to replenish the term loan facility. The company can satisfy this requirement using proceeds from Series 2026 revenue bonds issued by another subsidiary, SH Capital III.
This structure effectively means the debt draw must be backed by either new equity or bond proceeds. Until the replenishment is complete, the borrowers cannot place liens on the San José Mineta International Airport hangar campus or its equity interests. For retail holders, this represents project-specific financing with a near-term capital requirement to restore the facility's capacity.
Section-by-Section Diff
Event · Item 1.01 — Entry into a Material Definitive Agreement
Item 1.01 — Entry into a Material Definitive Agreement filed; see Key Changes for terms.
Added in current filing · verify on EDGAR →
On June 29, 2026, Sky Harbour Capital II LLC (“SH Capital II”), an indirect, wholly-owned subsidiary of Sky Harbour Group Corporation (the “Company”), entered into an amendment (the “Second Amendment”) to its Draw Down Note Purchase And Continuing Covenant Agreement (the “Term Loan Facility”), among SH Capital II, the other borrowers party thereto (the “Borrowers”), the lenders party thereto (the “Lenders”) and JPMorgan Chase Bank, N.A., as administrative agent, sole bookrunner and sole lead arranger (“JPMorgan” or “Administrative Agent”). The Second Amendment amends the Term Loan Facility to permit the Company to request a borrowing not to exceed $20 million under the Term Loan Facility (the “OPF Phase II Borrowing”) for the purpose of financing or reimbursing costs incurred by Sky Harbour Opa Locka Airport LLC (the “OPF Phase II Owner”) in connection with the second phase of its construction project at Miami-Opa Locka Executive Airport (the “OPF Phase II Project”). ... Subsequently, on June 29, 2026, SH Capital II requested and borrowed the OPF Phase II Borrowing of $20 million.
The company's subsidiary amended its term loan facility with JPMorgan to allow a $20 million borrowing specifically for the second phase of construction at Miami-Opa Locka Executive Airport. The borrowing was drawn immediately on the same day. Notably, this project was not added to the borrowing base and its owner entity did not become a borrower under the facility.
Added in current filing · verify on EDGAR →
Pursuant to the Second Amendment the Borrowers have agreed not to create or permit a lien on the Company's hangar campus at San José Mineta International Airport or its equity interests therein, or income derived therefrom, until the Term Loan Facility Replenishment is complete.
The borrowers agreed to a temporary restriction preventing any liens on the San José Mineta International Airport hangar campus, its equity interests, or related income until the $20 million replenishment is completed. This protects a key asset from encumbrance during the replenishment period.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jul 7, 2026 · How we verify