Mon, Feb 06, 2012
Secures Over $860 Million For Remaining Freighter
Deliveries
Atlas Air has entered into an $865 million term-loan facility
with Apple Bank for Savings, guaranteed by the Export-Import Bank
of the United States, to finance the company’s six remaining
B747-8F aircraft deliveries. The aircraft are expected to be placed
in Atlas Air’s international ACMI (aircraft, crew,
maintenance and insurance) service.
When drawn, the facility will consist of six separate 12-year
term loans. The six aircraft covered by the facility are expected
to be delivered to the company between mid-2012 and mid-2013.
Borrowings under the facility will initially accrue interest at a
variable rate. The facility provides for an option to refinance the
loans through the issuance of Ex-Im Bank-guaranteed bonds in the
capital markets. BNP Paribas Securities Corp. and KGS Alpha Capital
Markets have agreed to act as joint lead book runners and managers
should the company exercise its option to refinance the loans.
“We are very pleased to have closed on this financing
facility for the remainder of our 747-8F deliveries,” said
William J. Flynn, President and Chief Executive Officer of Atlas
Air Worldwide. “Terms and rates on the facility are even more
attractive than the very favorable terms on our first three 747-8F
deliveries. The financing reflects the strong working relationship
we have developed with our lender group and with Ex-Im Bank, each
of whom has been quite receptive to the company and the 747-8F
asset. We are the only outsource operator to offer the new 747-8F
aircraft, and we look forward to placing them into service with our
customers.”
As previously announced, the first five aircraft in Atlas
Air’s order for nine 747-8Fs, including three for British
Airways World Cargo that were delivered in the fourth quarter of
2011 and two for Panalpina that are expected to be delivered in
mid-2012, have been placed under long-term ACMI contracts.
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