AirX Bond Raises €115 Million To Fund Fleet Expansion

Private charter flight group AirX has raised €115 million (approximately $136 million) through a bond managed by Norwegian investment bank Arctic Securities. The Malta-based operator announced the transaction on Wednesday and said it will use the funds to expand its fleet, which currently consists of 20 large-cabin jets, including three that are managed for third-party owners.

According to AirX, the bond issue was significantly oversubscribed and builds on a Series A funding round that closed in January. The company aims to add another 20 to 50 aircraft to its fleet, with a focus on heavy jets and VIP-configured airliners, including types such as the Bombardier Challenger 850, the Embraer Lineage 1000, and an Airbus A340.

“AirX’s bond raise marks a defining moment in our 14-year journey, placing us at the forefront of a new era in private aviation,” said the group’s chairman and founder, John Matthews. “For the first time, we stand shoulder to shoulder with Tier 1 global asset managers and pension funds, positioning AirX as a true institutional-grade platform.”

Since the company was formed in 2011, it has grown its revenues from €8 million in 2011 to €155 million, and generated more than €30 million in EBITDA earnings in 2024. Matthews has previously said his objective is to achieve a public equity listing for AirX.

“Private aviation has been growing for over six decades, yet only two companies have ever raised institutional bonds,” Matthews commented. “We are the second, but the first to do it properly, issuing a secured bond that sets the benchmark for value creation in our sector.”