Atlas Air Worldwide Acquires Three Boeing 777 Freighters for Titan
PURCHASE, N.Y. -- January 10, 2014
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
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
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