Atlas Air Worldwide (AAWW) Unit Enters $865M Term-Loan Financing for 6 Boeing B747-8Fs
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Atlas Air Worldwide Holdings, Inc. (Nasdaq: AAWW), announced that its Atlas Air, Inc. unit 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.
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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.
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