Sky Harbour Group Corp 8-K

What Happened
Sky Harbour Group Corp (SKYH) disclosed that its indirect, wholly owned subsidiary Sky Harbour Capital III LLC completed a $150 million financing via Revenue Bonds (Series 2026) issued by the Public Finance Authority of Wisconsin, effective February 12, 2026. The bonds were issued under a Trust Indenture (UMB Bank, N.A., trustee) and the loan proceeds were made to the Borrower under a Loan Agreement dated February 1, 2026. The borrowings are guaranteed by Sky Harbour LLC and Sky Harbour Holdings IV LLC. The Series 2026 Bonds carry a 6.000% annual interest rate, payable semi‑annually starting July 1, 2026, have a stated final maturity of July 1, 2060 and are subject to a mandatory tender for purchase on January 1, 2031.

Key Details

• Principal amount: $150,000,000 loan funded by Series 2026 Bonds.
• Interest: 6.000% per year, payable semi‑annually on Jan 1 and Jul 1; interest capitalized through Jan 1, 2029.
• Key dates: Bonds effective Feb 12, 2026; mandatory tender Jan 1, 2031; final maturity Jul 1, 2060; optional borrower redemption on/after Jan 1, 2030.
• Use of proceeds: finance/refinance construction/equipment/improvement of aircraft storage facilities (the “2026 Projects”), deposit to debt service reserve, capitalized interest, and issuance costs.
• Priority and security: Bonds secured by the Loan Agreement and residual cash flows of certain projects; payment is structurally subordinate to the Issuer’s Series 2021 Bonds and borrowings under the Drawdown Note Facility. The offering was limited to qualified institutional buyers and accredited investors (Rule 144A/Reg D).

Why It Matters
This filing documents a material new financing that increases the company’s secured indebtedness and provides capital to advance its aircraft storage projects. The 6.0% fixed coupon sets the cost of this capital, while the mandatory tender in 2031 creates a near‑ to mid‑term refinancing/remarketing requirement (refinancing risk). Structural subordination to existing Series 2021 bonds and the Drawdown Note Facility affects payment priority for these new bonds. Investors should note the guarantees by operating subsidiaries and that full agreements are filed as exhibits to the 8‑K for review.