GB Merchant Partners, LLC and Crystal Financial, LLC announced today
that they have co-agented a $34 million senior credit facility for Great
Lakes Aviation, Ltd. (OTC BB: GLUX.OB). Based in Cheyenne, WY, Great
Lakes Aviation, Ltd., operating as Great Lakes Airlines, is a leading
independent regional airline which also operates as a codeshare partner
with United Airlines and Frontier Airlines. The company services 42
airports primarily in the High Plains and Rocky Mountain regions.
Steven Migliero, Managing Director of Crystal Financial, stated: "We are
pleased to support the company and facilitate the refinancing of Great
Lakes' debt. The diligence we conducted provided the support necessary
to underwrite the collateral value of the company's current assets as
well as its owned aircraft."
Lawrence Klaff, Managing Director of the Debt Investment Group of GB
Merchant Partners, stated: "The management team has been adept at
navigating the challenges of the current economic climate while
profitably managing its business and uncovering new opportunities in the
competitive regional airline market place."
"We are looking forward to working with the Crystal Financial and GB
Merchant Partners," stated Doug Voss, President and Chairman of Great
Lakes Aviation, Ltd. "In reflecting on the work accomplished over the
last three months, it is clear that their professionalism and diligent
approach to underwriting will set the stage for a longstanding positive
Great Lakes Aviation, Ltd. was advised by Raymond James & Associates,
About GB Merchant Partners, Debt Investment Group
The Debt Investment Group of GB Merchant Partners (www.gbmerchantpartners.com),
the investment management affiliate of Gordon Brothers Group, invests in
structured and secondary debt. Structured debt investments in the form
of senior, unitranche, second lien or mezzanine loans ranging from $5 to
$50 million are made to middle-market companies in need of capital to
effect strategic change. Target industries include aerospace,
automotive, commodities, consumer products, forest products, gaming,
industrial equipment, manufacturing, real estate, restaurants, retail,
About Crystal Financial
Crystal Financial is an independent commercial finance company that
provides unique solutions to complex challenges requiring credit of $10
million or more. Our team of experienced and responsive professionals
have underwritten, closed and managed over $20 billion in secured debt
commitments across a wide range of industries. For more information,
please visit www.crystalfinco.com.
About Great Lakes Aviation, Ltd.
Based in Cheyenne, WY, Great Lakes Aviation, Ltd., operating as Great
Lakes Airlines, is a leading independent regional airline which also
operates as a codeshare partner with United Airlines and Frontier
Airlines. The company services 42 airports primarily in the high plains
and rocky mountain regions through its existing fleet of 32 aircraft.
For more information, please visit -www.flygreatlakes.com.
CRYSTAL FINANCIAL CONTACT
Steven Migliero, Jr., 617-428-8704
MERCHANT PARTNERS CONTACT
Lawrence Klaff, 617-422-7886
LAKES AVIATION, LTD. CONTACT
Michael Matthews, 307-432-7000