Aircastle and Southern Air Announce 747-400SF Freighter Leases

Aircastle Limited (NYSE: AYR) and Southern Air Holdings, Inc. today announced that they have entered into long-term leases under which Southern Air will utilize two 747-400SF aircraft owned by Aircastle. The aircraft are expected to enter commercial service during the first quarter of 2012, advancing Southern Air's fleet renewal and business expansion program. Ron Wainshal, Chief Executive Officer of Aircastle, commented, "We are delighted to add Southern Air as a new customer and are very pleased to provide them with their first 747-400SF freighter capacity, assisting them in expanding their fleet to meet the needs of their global customers. Converting these aircraft into freighters and then leasing them demonstrates our team's unique value additive investment and asset management capabilities." Daniel McHugh, Chief Executive Officer of Southern Air, said, "The Aircastle 747-400SF agreement marks another important step in Southern Air's transformation. Southern now offers the most complete range of high-quality wide body ACMI/CMI capabilities with our fleet of 777s, 747-400s and 747-200s. We look forward to further developing our relationship with Aircastle as we continue to renew and expand our global widebody fleet."
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Source: Aircastle Limited
Date: Oct 19, 2011