Thu, Feb 10, 2011
Aircastle "Building A Significant Relationship" With SAA
The first of six new Airbus Model A330-200 aircraft scheduled
for delivery this year has been accepted by South African Airways
("SAA"), according to aircraft broker Aircastle. The aircraft
will be equipped with latest-generation Rolls-Royce Trent 772B
engines.
Debt financing for this purchase was arranged and provided by
Sumitomo Mitsui Banking Corporation and supported by a guarantee
from Compagnie Francaise d'Assurance pour le Commerce Exterieur
(COFACE), the French export credit agency. This debt bears
interest at a rate of 3.78% per annum and will be repaid over
twelve years.
"We are building a significant relationship with South African
Airways and are proud to support its fleet modernization program
with these six new A330-200s," said Ron Wainshal, Chief Executive
Officer of Aircastle, announcing the delivery Monday. "These
aircraft will provide the airline with significant improvements in
fuel efficiency and operating costs and its passengers with a
comfortable, state-of-the-art cabin."
"With this delivery, we're beginning to benefit from
approximately $700 million of attractive built-in asset growth from
our Airbus program over the next 15 months," Wainshal added. "This
expansion of our asset base -- combined with approximately $500
million of new investments we completed during 2010 -- positions us
to grow our earnings in 2011 and beyond. With our strong
balance sheet and proven access to diverse sources of capital, we
are poised to pursue new transaction opportunities and capitalize
on the steadily improving demand for passenger and cargo
aircraft."
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