STAMFORD, Conn., April 13, 2016 /PRNewswire/ -- Aircastle
Limited (the "Company" or "Aircastle") (NYSE: AYR) reported the
recent completion of several important financing, asset sales and
investment initiatives that we expect will further de-risk the
Company while improving our earnings profile.
Commenting on the activity, Ron
Wainshal, Aircastle's CEO, stated, "Building on our already
strong position, we've taken advantage of improved pricing for new
investments thanks to our role as a reliable buyer amidst a
turbulent market. At the same time, we've continued accessing
new funding on favorable terms from a variety of sources around the
world, expanding our new business opportunity set through joint
ventures, while seizing opportunities to continue up-grading our
portfolio through asset sales. By selectively limiting future
capital commitments and maintaining investment flexibility, I
believe Aircastle is really well positioned to capitalize on
attractive growth opportunities as they arise."
Key Updates
- Closed or committed to more than $850
million in new investments for 2016. These
transactions encompass 29 aircraft, of which 26 are narrow-bodies.
Nearly all of these purchases are expected to close by the
end of the third quarter.
- Recently secured $695 million
in new unsecured financing from three different sources.
This funding consists of $500 million
in senior notes due 2023, a 3-year $120
million term financing facility obtained from a group of
Japanese financial institutions led by Development Bank of
Japan, and a $75 million expansion of our revolving credit
facility to $675 million. The
term of our revolver was also extended one year to May 2020.
- Submitted notice to prepay our Securitization No. 2 in
May. Repaying this facility will free up approximately
$500 million in collateral, further
enhancing the Company's financial position.
- Continued our successful asset sales program during Q1
2016. We sold more than $200
million in aircraft to third parties. The aircraft
sold consisted of two A330s and six mid-aged A320s.
- Expanded our joint venture with Ontario Teachers' Pension
Plan and established a new joint venture with IBJ
Leasing. We sold four relatively new narrow-body aircraft
to our Lancaster joint venture with Teachers', bringing its total
assets to more than $600
million. The new venture with IBJ Leasing is targeted
at new narrow-body aircraft leased to premier airlines.
About Aircastle Limited
Aircastle Limited acquires, leases and sells commercial jet
aircraft to airlines throughout the world. As of March 31, 2016, Aircastle owned and managed on
behalf of its joint ventures 162 aircraft on lease with 54
customers located in 33 countries.
Safe Harbor
All statements in this press release, other than
characterizations of historical fact, are forward-looking
statements within the meaning of the federal securities laws,
including the Private Securities Litigation Reform Act of 1995.
Examples of forward-looking statements include, but are not
necessarily limited to, statements relating to our proposed public
offering of notes and 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 our historical performance and that of our
subsidiaries and on our current plans, estimates and expectations
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 such forward-looking statements which
are subject to certain risks and uncertainties that could cause
actual results to differ materially from those anticipated as of
the date of this press release. These risks or uncertainties
include, but are not limited to, those described from time to time
in Aircastle's filings with the SEC and previously disclosed under
"Risk Factors" in Item 1A of Aircastle's 2015 Annual Report on Form
10-K. 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 press
release. Aircastle expressly disclaims any obligation to revise or
update publicly any forward-looking statement to reflect future
events or circumstances.
For more information on Aircastle, please visit
www.aircastle.com.
|
|
Contact:
|
|
Aircastle Advisor
LLC
|
The IGB
Group
|
Frank Constantinople,
SVP Investor Relations
|
Leon
Berman
|
Tel:
+1-203-504-1063
|
Tel:
+1-212-477-8438
|
fconstantinople@aircastle.com
|
lberman@igbir.com
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/aircastle-provides-aircraft-trading-and-financing-update-300250193.html
SOURCE Aircastle Limited