Press release from Business Wire
Atlas Air Worldwide Acquires Three Boeing 777 Freighters for Titan Dry-Leasing Subsidiary
Friday, January 10, 2014
Atlas Air Worldwide Acquires Three Boeing 777 Freighters for Titan Dry-Leasing Subsidiary08:47 EST Friday, January 10, 2014
PURCHASE, N.Y. (Business Wire) -- Atlas Air Worldwide Holdings, Inc. (Nasdaq:AAWW), a leading global provider of outsourced aircraft and aviation operating solutions, today confirmed completion of previously announced agreements to acquire three Boeing 777 Freighters for its dry-leasing subsidiary, Titan Aviation. The 2011-vintage aircraft were acquired from affiliates of Guggenheim Aviation Partners, LLC and are currently on long-term lease to a European express carrier.
“The purchase of these 777 freighters significantly enhances our position in an attractive aircraft type and is consistent with our strategy of investing in new technology that creates superior value for our customers,” said William J. Flynn, President and Chief Executive Officer, Atlas Air Worldwide.
“The six 777s now in our fleet represent an important part of our plan to grow Titan's dry-leasing platform through selective investments in aircraft with existing leases that support leading operators in the airfreight industry. While Titan is principally a cargo aircraft dry lessor, its portfolio includes passenger narrow-body aircraft, engines and related equipment. It also provides customers expertise in asset management, passenger-to-freighter conversion, and other technical services.”
BNP Paribas, Landesbank Hessen-Thurigen Girozentrale (Helaba) and Norddeutsche Landesbank Girozentrale (NORD/LB), as senior lenders, and Investec Bank plc and NORD/LB as junior lenders, provided aggregate financing in the amount of $432 million for the acquisition of the aircraft. Borrowings with respect to each aircraft will amortize over a term of approximately ten years, with the maturity date of each loan being the scheduled termination date of the related operating lease.
Terms of the November 2013 aircraft purchase agreements were not disclosed.
About Atlas Air Worldwide:
Atlas Air Worldwide is the parent company of Atlas Air, Inc. (Atlas) and Titan Aviation Leasing (Titan), and is the majority shareholder of Polar Air Cargo Worldwide, Inc. (Polar). Atlas Air Worldwide also maintains a 49% interest in Global Supply Systems Limited (GSS). Through Atlas and Polar, Atlas Air Worldwide operates the world's largest fleet of Boeing 747 freighter aircraft.
Atlas, Titan and Polar offer a range of outsourced aircraft and aviation operating solutions that include ACMI service – in which customers receive an aircraft, crew, maintenance and insurance on a long-term basis; CMI service, for customers that provide their own aircraft; express network and scheduled air cargo service; military cargo and passenger charters; commercial cargo and passenger charters; and dry leasing of aircraft and engines.
Atlas Air Worldwide's press releases, SEC filings and other information can be accessed through the Company's home page, www.atlasair.com.
Atlas Air Worldwide Holdings, Inc.
Bonnie Rodney, 914-701-8580
Dan Loh, 914-701-8200