Mesa Air Group closed a $91.2 million term loan to refinance a spare engine facility during the March quarter.

The five-year floating-rate loan is secured by 27 aircraft engines and priced at 310 basis points more than Libor in January, a quarterly financial filing shows. Proceeds were used to repay the outstanding balance of the Phoenix-based carrier's spare engine facility due in 2022 and 2023, and finance six engines acquired in 2018.

Mesa had $88.2 million outstanding under the spare engine facility at the end of September, the end of its fiscal year, an annual financial filing shows.

Long-term debt and capital leases, net current maturities, decreased 8.3% to $697 million during the quarter ending in March, the quarterly filing shows.

Cash, cash equivalents and marketable securities decreased 24.6% to $77.7 million during the period.

Liquidity, including the full $35 million available under its revolving credit facility, stood at $113 million at the end of March.

Mesa operates regional flights for American Airlines and United Airlines.

Source: Cirium Dashboard