DayJet Adds $140 Million in Debt Financing

AINalerts » August 7, 2007
August 7, 2007, 12:25 PM

VLJ air-taxi start-up DayJet of Delray Beach, Fla., announced today that it had secured $140 million in debt financing, which it will use to buy its fleet of Eclipse 500s. Previous rounds of private-equity financing had raised $68 million, bringing total financing to $208 million. DayJet founder and CEO Ed Iacobucci said last month at a seminar in New York that raising money for the company has been the hardest thing he’s had to do. He said 175 Southeast U.S.-area companies representing more than 1,000 identified members have already signed agreements to use the company’s Part 135 services and that he expects operations to begin this month with about 12 aircraft. By the end of this year, Iacobucci said, he expects DayJet will be operating 30 Eclipse 500s in the company’s unique “per-seat, on-demand” jet service, flying more than 500 hours per month.

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