Company: SRFM
Filing Date: 2025-03-21
Form Type: 10-K
Source: 0000950170-25-043326
Chunk: 173

Company: SURF AIR MOBILITY INC.
Filing Date: 2025-03-21
Form: 10-K
Item: Item 1B
Chunk 173
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49%, due December 2026

        120

        184

        Notes payable to Clarus Capital, fixed interest rate of 8.66%, due April, June and September 2027

        14,022

        16,476

        Note payable to Skywest, fixed interest rates of 4%, due April 2028

        2,497

        5,656

        Note payable to Tecnam, fixed interest rate of 6.75%, due July and August 2032

        2,962

        3,206

        Credit Agreement to ComVest Partners, floating interest rate of SOFR + 5%, due November 2028

        44,984

        —

        Debt issuance costs

        (2,167
        )

        0

        Long-term debt, gross

        62,426

        25,794

        Current maturities of long-term debt

        (2,543
        )

        (5,177
        )

        Long-term debt, net of current maturities
         
        $
        59,883

        $
        20,617

       Future maturities of total long-term debt as of December 31, 2024 are as follows (in thousands): 

        Amount

        2025
         
        $
        2,543

        2026

        2,676

        2027

        12,032

        2028

        45,669

        2029

        421

        Thereafter

        1,252

        Total
         
        $
        64,593

       The Company is subject to customary affirmative covenants and negative covenants on all of the above notes payable. As of December 31, 2024, the Company was in compliance with all covenants in the loan agreements.Credit AgreementOn November 14, 2024, the Company entered into a 4-year credit agreement with certain affiliates of Comvest Partners, as lenders (the “Credit Agreement”), pursuant to which the Company borrowed $44.5 million as a term loan, and $5.5 million of delayed draw commitments, which the Company will use to fund monthly interest payments over the first eighteen months of the Credit Agreement. Borrowings under the delayed draw commitments totaled $0.5 million as of December