Wednesday, February 04, 2026
Patrick McCann, CFA, Research Analyst, Noble Capital Markets, Inc.
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Pricing announced for upcoming bond issuance. Sky Harbour priced $150 million of Series 2026 private activity tax-exempt bonds at par to yield 6.0%, with a mandatory tender on January 1, 2031, and an expected closing on or about February 12, 2026. The transaction is another example of the company’s tax-advantaged financing toolkit and deepens its access to institutional municipal investors.
Deal upsized on strong investor demand. The transaction was initially marketed at $100 million but was upsized to $150 million after receiving approximately $450 million of orders from 18 institutional investors. In our view, the oversubscription supports growing investor comfort in the asset base, the cash flow ramp, and the repeatable development playbook.
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