Pat McCann's questions to Sky Harbour Group Corp (SKYH) leadership • Q2 2025
Question
Pat McCann of Noble Capital Markets inquired about the company's long-term financing strategy for new campuses and the role of Private Activity Bonds (PABs) relative to the new warehouse facility.
Answer
CFO Francisco Gonzalez explained the long-term strategy is to ultimately use the programmatic bond market. He detailed that the current warehouse facility is a tactical choice to reduce negative arbitrage, benefit from floating rates, and transfer construction risk away from the permanent bond program. The company plans to refinance the warehouse facility with a long-term PAB offering in three to four years, which will strengthen the credit profile for existing bondholders.