SANTA MONICA, Calif., Feb. 13, 2017
SANTA MONICA, Calif., Feb. 13, 2017 /PRNewswire/ -- Tennenbaum Capital Partners, LLC ("TCP") announced today certain of its funds have agreed to provide a $100 million engine financing facility to Mesa Air Group, Inc. ("Mesa"), a leading regional airline. The facility will be used to purchase a portfolio of new General Electric CF34-8C5 engines and will provide Mesa with additional financing capacity to support its growing business.
"We have a long history and deep track record in aviation investing and Mesa is a best-in-class operator that serves our nation's leading airlines," said Rob DiPaolo, Managing Director of TCP. "We are pleased to provide capital to support Mesa's fleet requirements and expand our relationship with the airline."
"We are investing in Mesa's long-term growth and operational success through the purchase of these new engines," said Mesa Chairman and CEO Jonathan Ornstein. "With a fleet of 133 large regional jets and industry-leading performance, Mesa is in a unique position in the airline industry. We thank our finance group for their work on this transaction and TCP and Imperial Capital for their continued support."
Imperial Capital LLC acted as the exclusive financial advisor to Mesa in sourcing the financing. In closing the financing, Mesa was represented by DLA Piper and TCP was represented by Hughes Hubbard and Reed LLP.
About Tennenbaum Capital Partners, LLC
Tennenbaum Capital Partners, LLC ("TCP") is an alternative investment management firm focused on direct lending and special situations for middle-market companies. TCP manages funds and accounts on behalf of global institutional investors. It also manages a publicly-traded business development company, TCP Capital Corp (NASDAQ: TCPC). Since its founding, TCP has invested more than $18 billion in over 500 companies. TCP is headquartered in Los Angeles with additional offices in New York and San Francisco. For more information, please visit: www.tennenbaumcapital.com and www.tcpcapital.com.
About Mesa Airlines
A multiple-time recipient of Air Transport World's Regional Airline of the Year Award, Phoenix-based Mesa Airlines operates as American Eagle from hubs in Phoenix and Dallas/Fort Worth and as United Express from Washington Dulles and Houston. Founded on a mesa in New Mexico in 1982 by Larry and Janie Risley, Mesa currently operates 133 aircraft, with more than 600 daily system departures to 124 cities, 38 states, the District of Columbia, Canada, Mexico, and the Bahamas. The company has approximately 2,800 employees and plans to hire an additional 1,000 in the next two years. For more information, go to www.mesa-air.com or visit us on Facebook at www.facebook.com/mesaairlines.
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SOURCE Tennenbaum Capital Partners, LLC