Atlas Air acquires three B777 freighters
Atlas Air Worldwide Holdings, Inc. a leading global provider of outsourced aircraft and aviation operating solutions, 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 operating lease.