Aircastle Announces Up to $530 M in ECA Financing Support for New Airbus A330 Aircraft(Stamford, Conn., June 11, 2010) -- Aircastle Limited (NYSE: AYR) announced today that it received approvals from the European Export Credit Agencies ("ECAs") to support up to $530 million of debt financing for seven new Airbus A330 aircraft, subject to customary terms and conditions. More specifically, these approvals pertain to two new Airbus Model A330-200F freighters scheduled for delivery to an affiliate of the HNA Group ("HNA"), the parent company of Hainan Airlines, later this year and five new Airbus Model A330-200 passenger aircraft which are scheduled for delivery to South African Airways PTY LTD ("SAA") during 2011.
Additionally, Aircastle announced that it has received a commitment from Sumitomo Mitsui Banking Corporation ("SMBC") for up to $250 million in ECA-supported debt financing for the first three Airbus Model A330-200 passenger aircraft deliveries to SAA in 2011. Aircastle is currently in discussions with banks concerning financing for the other SAA and the HNA aircraft.
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Ron Wainshal, Aircastle's Chief Executive Officer commented, "These ECA approvals to support up to $530 million in debt financing put our Airbus A330 acquisition program on an excellent financial footing. We appreciate the confidence shown by the European Export Credit Agencies, including our lead agency, COFACE of France. We are also very pleased to have secured a $250 million commitment from SMBC for our largest A330 placement, with South African Airways. We're looking forward to awarding a mandate to provide term financing for the balance of our SAA and Hainan Group deliveries soon and working with the ECAs to support the financing efforts on our remaining three A330 aircraft delivering in the second half of 2011 and the first half of 2012."
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Source : Aircastle Limited