Private-Jet Boom Sends Hangar Builder Sky Harbour to Muni Market

Sky Harbour Group Corp., a builder of exclusive hangars where the ultra-wealthy park their private aircraft, is turning to the tax-exempt municipal bond market to borrow $100 million as it seeks to expand.

Global demand for business jet deliveries is expected to grow 3% annually through 2034, according to a Honeywell industry forecast. To meet that demand, Sky Harbour — which rents out infrastructure to businesses and wealthy individuals needing a home base to store their aircraft — is looking to build out its operations in Texas, Connecticut, Florida and New York.

The new unrated securities will be ...