Saker Aviation Services, Inc. Announces New Financing Signs Multi-Faceted Facility With PNC Bank
WILKES-BARRE, Pa. and SCRANTON, Pa., May 22, 2013 /PRNewswire/ -- Saker Aviation Services, Inc. (SKAS), an aviation services company specializing in ground-based services to the general aviation marketplace, today announced a new financing package with PNC Bank.
The package includes a $2.5 million non-revolving acquisition line of credit, a $1.15 million working capital line of credit, and an approximately $280,000 term loan that refinances two pieces of existing debt.
Amounts outstanding under the acquisition line and term loan bear interest at a rate, which fluctuates monthly, equal to LIBOR plus 275 basis points. Amounts outstanding under the working capital line of credit fluctuate daily, equal to the one-month LIBOR rate plus 250 basis points.
"We are pleased to enter into a new banking relationship with PNC," stated Ron Ricciardi, the Company's President and CEO. "They have proven, even in the short term, to have the flexibility and willingness to work with our strategic business model, which includes the potential to seek mergers or acquisitions. And, we believe the rates of interest on each component of our facility indicate how aggressive PNC was in earning our business. We look forward to a long and healthy business relationship."
About Saker Aviation Services, Inc.
Saker Aviation Services (www.SakerAviation.com) provides Fixed Base Operations (FBO) flight support services through a growing chain of US based facilities. Products include, but are not limited to, aircraft fueling, maintenance, repair and overhaul (MRO), charter, hangar/tie-down, facility management, pilot support services, ground handling, operational consulting and other related services.
SOURCE Saker Aviation Services, Inc.