Next Level Aviation® Secures $50MM Credit Facility with PNC Bank

Rhea-AI Summary

Next Level Aviation (NLA), a global distributor of used serviceable materials for Boeing and Airbus aircraft, has secured a $50 million revolving credit facility with PNC Bank. The facility has potential for expansion as NLA grows and will be used to increase inventory of serviceable materials and support business diversification into complementary lines. This financing represents the first step in establishing the financial foundation for NLA's next growth phase.

Positive

• Secured $50 million revolving credit facility with potential for expansion
• Enhanced working capital for inventory expansion
• New financial foundation supporting business growth and diversification

Negative

• None.

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The new working capital credit facility will be used to grow its existing USM distribution business and diversify product and service offerings

DANIA BEACH, Fla., Dec. 10, 2024 /PRNewswire/ -- Next Level Aviation® (NLA), a leader in the global distribution of used serviceable materials (USM) for all Boeing and Airbus commercial aircraft and associated jet engine platforms, has secured a new $50MM revolving credit facility with PNC Bank with the potential to expand this facility over time as NLA grows. This significantly increased working capital credit facility will allow Next Level Aviation® to expand its inventory of serviceable material, as well as support the diversification of NLA's business into other complementary lines of business.

Next Level Aviation® Chairman & CEO Jack Gordon stated, "We are extremely pleased to work with PNC Bank, one of the largest diversified financial services institutions in the United States, to close this new working capital credit facility, which is the first step in laying the financial foundation for Next Level Aviation's next phase of growth. We would like to thank the PNC Business Credit team for their professionalism and diligence in getting this new revolving credit facility closed in an efficient manner."

Ray Fernandez-Andes, Next Level's Chief Financial Officer, commented, "We are very excited about our new business relationship with PNC Bank and are looking forward to continue growing the business for many years to come with the support of this great financial institution."

Peter Mardaga, Head of PNC Business Credit, commented, "PNC's new relationship with Next Level Aviation will support the company's business goals and growth needs. We look forward to continuing to provide this recognized global supplier of aerospace parts with financial products and strategies that can help deliver differentiated value to its customers."

ABOUT NEXT LEVEL AVIATION®
Next Level Aviation® is an ASA-100 accredited and FAA Advisory Circular 00-56B compliant supplier stocking commercial aircraft/jet engine used serviceable material (USM) for all Boeing and Airbus aircraft platforms and associated jet engines. Next Level Aviation® specifically focuses on stocking USM for the Boeing 737 and Airbus A320 families of aircraft and their associated jet engines, which currently make up about 70% of the global commercial fleet. Founded in March 2013 by Jack Gordon, Mike Dreyer, and Matt Dreyer, Next Level Aviation® has grown into a top global supplier of commercial aircraft/jet engine used serviceable material. www.nextlevelaviation.net

To find out more information or to request additional images, please contact morgane@aerospacemarketing.com.

About PNC Bank
PNC Bank, National Association, is a member of The PNC Financial Services Group, Inc. (NYSE: PNC). PNC is one of the largest diversified financial services institutions in the United States, organized around its customers and communities for strong relationships and local delivery of retail and business banking including a full range of lending products; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management. For information about PNC, visit http://www.pnc.com.

Media Contact: Morgan Eddy, Phone: +1-561-699-3870, Email: morgane@aerospacemarketing.com

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SOURCE Next Level Aviation

FAQ

What is the size of Next Level Aviation's new credit facility with PNC Bank?

Next Level Aviation secured a $50 million revolving credit facility with PNC Bank.

How will Next Level Aviation use the PNC Bank credit facility?

The credit facility will be used to expand inventory of serviceable materials and support diversification into complementary business lines.

Can Next Level Aviation's credit facility with PNC be expanded?

Yes, the credit facility has the potential to expand over time as Next Level Aviation grows.