STAMFORD, Conn., Feb. 25, 2014 /PRNewswire/ -- Aircastle Limited
("Aircastle") (NYSE: AYR) announced that it reached an agreement
with LATAM Airlines Group S.A. ("LATAM") to enter into purchase and
leaseback transactions involving eight Boeing 777-300ER
aircraft.
The first group of four aircraft, which were manufactured in
2012, is expected to close early in the second quarter of 2014 with
an average lease term of 60 months. The second group of
aircraft, which were manufactured in 2008, is expected to be
purchased by Aircastle once the existing financings are repaid and
will be leased back to LATAM with lease terms expiring in 2017 and
2018.
Ron Wainshal, Aircastle's CEO,
commented: "LATAM is one of the world's premier airline groups and
we are very happy to have concluded this important
transaction. In doing so, we are assisting LATAM by providing
a complete solution for its Boeing 777-300ER fleet transition
program while acquiring very attractive, well priced assets that we
will be able to remarket before newer generation aircraft are
available. This transaction plays to Aircastle's balance
sheet strengths and its experience as a skilled aircraft
manager."
The closing of these transactions is subject to conditions
precedent customary for transactions of this type.
About Aircastle Limited
Aircastle Limited acquires,
leases and sells commercial jet aircraft to airlines throughout the
world. As of December 31, 2013,
Aircastle's aircraft portfolio consisted of 162 aircraft on lease
with 64 customers located in 37 countries.
About LATAM Airlines Group S.A.
LATAM Airlines Group
S.A. is the new name given to LAN Airlines S.A. as a result of its
association with TAM S.A. LATAM Airlines Group S.A. now includes
LAN Airlines and its affiliates in Peru, Argentina, Colombia and Ecuador, and LAN Cargo and its affiliates, as
well as TAM S.A. and its subsidiaries TAM Linhas Aereas S.A.,
including its business units TAM Transportes Aereos del Mercosur
S.A. (TAM Airlines (Paraguay)) and
Multiplus S.A. This association creates one of the largest airline
groups in the world in terms of network connections, providing
passenger transport services to about 135 destinations in 22
countries and cargo services to about 144 destinations in 27
countries, with a fleet of 322 aircraft. In total, LATAM Airlines
Group S.A. has more than 52,000 employees and its shares are traded
in Santiago, as well as on the New
York Stock Exchange, in the form of ADRs, and Sao Paulo Stock
Exchange, in the form of BDRs.
Each airline will continue to operate under their current brands
and identities. For any inquiry of LAN or TAM, please visit
www.lan.com or www.tam.com.br, respectively. Further information at
www.latamairlinesgroup.net.
Safe Harbor
Certain items in this press release and
other information we provide from time to time, may constitute
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995 including, but not
necessarily limited to, statements relating to our ability to
acquire, sell, lease or finance aircraft, raise capital, pay
dividends, and increase revenues, earnings, EBITDA, Adjusted EBITDA
and Adjusted Net Income and the global aviation industry and
aircraft leasing sector. Words such as "anticipates," "expects,"
"intends," "plans," "projects," "believes," "may," "will," "would,"
"could," "should," "seeks," "estimates" and variations on these
words and similar expressions are intended to identify such
forward-looking statements. These statements are based on
management's current expectations and beliefs and are subject to a
number of factors that could lead to actual results materially
different from those described in the forward-looking statements;
Aircastle can give no assurance that its expectations will be
attained. Accordingly, you should not place undue reliance on any
forward-looking statements contained in this report. Factors that
could have a material adverse effect on our operations and future
prospects or that could cause actual results to differ materially
from Aircastle expectations include, but are not limited to,
capital markets disruption or volatility which could adversely
affect our continued ability to obtain additional capital to
finance new investments or our working capital needs; government
fiscal or tax policies, general economic and business conditions or
other factors affecting demand for aircraft or aircraft values and
lease rates; our continued ability to obtain favorable tax
treatment in Bermuda, Ireland and other jurisdictions; our ability
to pay dividends; high or volatile fuel prices, lack of access to
capital, reduced load factors and/or reduced yields, operational
disruptions caused by political unrest and other factors affecting
the creditworthiness of our airline customers and their ability to
continue to perform their obligations under our leases and other
risks detailed from time to time in Aircastle's filings with the
SEC, including as previously disclosed in Aircastle's 2012 Annual
Report on Form 10-K, and elsewhere in this report. In addition, new
risks and uncertainties emerge from time to time, and it is not
possible for Aircastle to predict or assess the impact of every
factor that may cause its actual results to differ from those
contained in any forward-looking statements. Such forward-looking
statements speak only as of the date of this report. Aircastle
Limited expressly disclaims any obligation to release publicly any
updates or revisions to any forward-looking statements contained
herein to reflect any change in its expectations with regard
thereto or change in events, conditions or circumstances on which
any statement is based.
Contact:
Frank Constantinople, SVP Investor Relations
Tel: +1-203-504-1063
fconstantinople@aircastle.com
The IGB Group
Leon Berman
Tel: +1-212-477-8438
lberman@igbir.com
SOURCE Aircastle Limited