Apollo’s Investment Advances Airline’s Recapitalization Efforts

NEW YORK – August 13, 2022 – Seabury Securities LLC (Seabury”) announced today that the company’s Airline Restructuring, Investment Banking and Advisory team advised SAS AB (“SAS”) in executing a debtor-in-possession (“DIP”) financing credit agreement for USD 700 million with funds managed by Apollo Global Management (“Apollo”).

Seabury is serving as investment banker and restructuring advisor to SAS.

“We are very pleased to have supported the SAS team in executing an extensive and competitive process that resulted in this substantial financing commitment from Apollo,” commented John E. Luth, Chairman, President & CEO of Seabury Capital Group. “This DIP financing will support the comprehensive SAS FORWARD plan as well as the goal of recapitalizing the airline upon its emergence from the chapter 11 process.”

The DIP financing, along with cash generated from the airline’s ongoing operations, will enable SAS to continue meeting its obligations throughout the chapter 11 process. The DIP financing is structured as a delayed draw term loan with a nine-month maturity. SAS selected Apollo’s DIP financing proposal following a competitive process and considers the terms of the DIP financing to be on market terms. SAS anticipates receiving court approval for its DIP financing by mid-September 2022.

View the DIP financing announcement at https://www.sasgroup.net/newsroom/press-releases/2022/sas-secures-usd-700-million-in-debtor-in-possession-financing/

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ABOUT SEABURY SECURITIES

Seabury Securities LLC is the wholly owned investment banking arm of Seabury Capital Group LLC (“Seabury Capital”) which operates a number of specialty finance, investment banking, technology, and software companies with a core focus anchored in aviation, aerospace & defense, and financial services & technology. Since its founding in 1995, Seabury Capital has taken ownership stakes in software and asset management businesses servicing the aviation and travel industries. Seabury Capital ended the year 2021 with over $1.3 billion in assets and intends to leverage those resources to launch one or more specialized investment funds in aviation, travel, and technology in 2022, under a newly incorporated investment fund manager, Seabury Capital Management LLC.

Within the last few years, Seabury Capital has expanded its portfolio by investing in early-stage startup companies within the financial technology industry and structured investment products. In addition, Seabury Capital owns and operates FINRA, NFA and FCA regulated investment banking services firms in the U.S. and U.K., respectively, serving external clients as well as assisting the companies in which Seabury Capital has invested.

Seabury Securities is headquartered in New York City, New York, USA, with professionals located in offices around the world. Reference Seabury Securities at www.seaburycapital.com/seabury-securities.