GB Credit Partners Agents $73 Million Facility to Silver Airways

Press Release

Boston, MA - GB Credit Partners, the investment management affiliate of Gordon Brothers Group, announced today that it has acted as the Administrative Agent for a $73 million facility to Silver Airways supported by the Company’s aircraft and other assets. Owned by Victory Park Capital, Silver Airways is based in Fort Lauderdale, Florida and operates almost 200 daily scheduled flights to/from 46 gateways in Florida, the Bahamas, Georgia, Alabama, Mississippi, Virginia, West Virginia, Pennsylvania, New York and Ohio.

Victory Park Capital launched Silver Airways as a new airline in May 2011 following its acquisition and restructuring of a previously defunct company. The financing provided by GB Credit Partners will allow Silver Airways to further grow and manage their business.

“Due to GB Credit Partners’ deep understanding of the airline industry, they were very responsive and were able to structure a facility that provided additional sponsor liquidity and operational flexibility,” said Mathew Ray, Victory Park Capital Partner. 

GB Credit Partners has experience in over 25 industries including aerospace, business services, energy, high technology and transportation.

Lawrence Klaff, Managing Director of GB Credit Partners, added, “We are thrilled to be able to contribute to Silver Airways’ growth with this financing. Based on our aviation expertise and the wide recognition Silver Airways has achieved throughout the industry, the company holds much promise and we are eager to watch it reach new heights as it expands the business.”

About GB Credit Partners

GB Credit Partners (www.gbcredit.com), the investment management affiliate of Gordon Brothers Group, originates, structures and invests in private market debt.  Debt investments are made in the form of senior, unitranche, second lien or mezzanine loans ranging from $10 to $50 million to middle-market companies in need of capital to effect strategic change.  Investments are made across 25 industries within five majors sectors: consumer, commercial & industrial, financial services, intellectual property and real estate.

About Silver Airways

Silver Airways Corp. (IATA: 3M) is a U.S. owned and operated airline operating almost 200 daily scheduled flights to/from 46 gateways in Florida, the Bahamas, Georgia, Alabama, Mississippi, Virginia, West Virginia, Pennsylvania, New York and Ohio.  The airline, which offers more flights within Florida to the Bahamas than any other U.S. airline, has valued partnership and codeshare agreements with United Airlines and interline agreements with American Airlines, Delta Air Lines and JetBlue.

Silver is a 2013 two-time award winner, having been recognized by its industry and the traveling public.  In February, 2013, it was named the recipient of Air Transport World’s (ATW) 2013 Regional Airline of the Year Award, the first U.S. airline to win regional aviation’s top honor since 2008. This award recognized Silver’s outstanding achievements, as well as the company’s contributions toward elevating the entire regional aviation industry overall.  In October, 2013, Silver Airways was named one of the Top 10 “Best U.S. Airlines” in the prestigious Condé Nast Traveler’s 26th annual 2013 Readers’ Choice Awards.

The Silver fleet is comprised of Saab 340B plus aircraft (with a capacity of 34 passengers in a spacious, noise reduction equipped cabin), each powered by highly reliable, fuel-efficient GE jet-turbine propeller engines. The airline also operates Beechcraft 1900D aircraft (maximum seating capacity: 19 passengers) in the airline’s Cleveland network.

The company is privately owned by Victory Park Capital, a Chicago-based investment firm that launched the airline in May 2011.

Visit Silver Airways at www.silverairways.com.