Sky Harbour Group Corporation disclosed in an SEC filing that its indirect subsidiary, Sky Harbour Capital II LLC, entered into an amendment to its term loan facility on June 29, 2026, allowing a borrowing of up to $20 million to finance construction at Miami-Opa Locka Executive Airport.

The amendment to the Draw Down Note Purchase And Continuing Covenant Agreement involves JPMorgan Chase Bank, N.A., as administrative agent, sole bookrunner, and sole lead arranger. The $20 million borrowing, referred to as the OPF Phase II Borrowing, was requested and drawn on the same date the amendment was executed.

The funds are designated to finance or reimburse costs incurred by Sky Harbour Opa Locka Airport LLC in connection with the second phase of its construction project at the Miami-area airport. The OPF Phase II Project was not added to the borrowing base of the term loan facility, and the project entity did not become a borrower under the facility.

The amendment requires Sky Harbour Group to make cash contributions of at least $20 million to one or more borrowers under the facility. The company is permitted to use proceeds from Public Finance Authority Revenue Bonds issued by Sky Harbour Capital III LLC, Series 2026, to satisfy this requirement.

Under the terms of the amendment, the borrowers agreed not to place a lien on the company's hangar campus at San José Mineta International Airport, or related equity interests or income, until the replenishment obligation is fulfilled. The replenishment obligations have been guaranteed by Sky Harbour Group Corporation and Sky Harbour Holdings II LLC.