Skybus Airlines Completes Second Financing Round; Startup Has Raised $160 Million+ As It Nears Launch

COLUMBUS, Ohio, April 2 /PRNewswire/ — As it prepares to start operation this Spring, Skybus Airlines has completed a second round of financing of $72.7 million, bringing to approximately $160 million the total amount raised by the Columbus-based startup airline. This is in addition to the previously reported $57 million of state and city funding and incentives.

“The confidence shown in Skybus by the business community in Columbus and major financial institutions in New York and Boston is a terrific endorsement of our business model – which uniquely focuses on delivering great destinations at extremely affordable prices with brand new aircraft and non stop flights, ” said Bill Diffenderffer, Skybus CEO.

Josh Connor, a Managing Director at Morgan Stanley specializing in Aviation Banking, said, “Skybus has been remarkably successful at raising its initial startup capital. The company has raised more than $160 million in equity capital, which is among the highest of any independent airline startup in history.

“Skybus was fortunate to be raising its latest round at a time with robust investor interest in the airline sector,” Connor said “Also, investors like that Skybus has done what they said they would do: create an extremely efficient operating model and a great value proposition for travelers. They have an A+ group of investors.”

Funds in the most recent round of financing came primarily from a large number of institutional investors with multi-billion dollar portfolios. Several of the principals of these institutions are members of Skybus’ Board of Directors. Skybus Chairman Bob Kidder, a former CEO of Duracell and Borden Chemical said of Skybus’ Board, “We are fortunate to have so many very talented and successful business leaders willing to sit on our Board – we all know we have an unusual opportunity to create something special.”

Skybus – the next generation of low-fare airlines – plans to begin service from its Port Columbus International Airport base later this spring. While specific destination cities have not been announced, Skybus will fly nonstop flights on full-size Airbus A319 jets to markets on the East Coast, the West Coast, the Southeast, the Midwest and the Pacific Northwest.

Skybus Airlines

CONTACT: Bob Tenenbaum for Skybus Airlines, +1-614-573-1377,btenenbaum@themilenthalgroup.com

Web site: http://www.skybus.com/