04 May 2021

North American Newsletter 4 May

Air Lease Corporation Increases Senior Unsecured Revolving Credit Facility to $6.4 Billion Air Lease Corporation amended and extended its senior unsecured revolving credit facility with JPMorgan Chase Bank, N.A., as administrative agent whereby the Company extended the maturity date of the facility from May 5, 2023 to May 5, 2025 and increased the total revolving commitments to approximately $6.4 billion from $6.2 billion, across 50 financial institutions.  The senior unsecured revolving credit facility remains priced at LIBOR plus 105 basis points with a 20 basis point facility fee, each subject to adjustments based on changes in the Company’s credit ratings. Gregory B. Willis, Executive Vice President and Chief Financial Officer of Air Lease Corporation said “The success of this facility is reflective of ALC’s investment grade credit metrics and the strength of our platform, and we appreciate the ongoing support of our lender group.  This facility remains a foundational aspect of ALC’s funding strategy providing us with a highly cost efficient and flexible financing tool to drive value for our shareholders.” FAA Awards STC For 321 Precision Conversions A321-200PCF 321 Precision Conversions, a joint venture between Air Transport Services Group (ATSG) and Precision Aircraft Solutions, announced today the award of FAA Supplemental Type Certificate Number ST02716SE to the group’s new A321-200PCF freighter. Precision Aircraft Solutions President Gary Warner stated “This major accomplishment, achieved during an unprecedented Global pandemic, bears witness to the dedication of all involved; our team of hard working professionals, our customer Vallair Solutions, our ATSG partner, and all of our vendors. The first aircraft will shortly go into operations with Smartlynx Airlines Malta, and we look forward to supporting their endeavors. With this done, I am pleased to say that we are now commencing the necessary ramp-up of operations to support the high demand for this product.” Global Crossing Airlines Announces Closing of US$10 Million Financing with Ascent Global Logistics, Inc. Global Crossing Airlines Group Inc announced that it has closed its previously announced US$10 million equity offering from Ascent Global Logistics, Inc. Ascent-On-Demand operates the largest domestic expedited air charter operation in North America, as well as USA Jet and Rambler Air, airlines in the US with more than 30 aircraft in total. JetBlue takes delivery of A321LR with the first Airspace interior JetBlue Airways has taken delivery of its first of 13 A321LR aircraft featuring Airbus’ new Airspace interior. These new A321LRs support JetBlue’s plan to open its highly anticipated transatlantic services, starting with direct flights to London later this year. In addition to these 13 new A321LRs, the airline also has on order another 57 Airbus aircraft comprising other A321neo variants – which will also feature Airspace cabins. JetBlue Airways CEO Robin Hayes said “At JetBlue we are eagerly looking forward to introducing the Airbus A321 Long Range single-aisle aircraft with Airbus’ Airspace interior for our new transatlantic services. These aircraft will allow us to offer our customers attentive, boutique-style service, while also ensuring ample personal space, larger overhead bins, customized lighting and a design that gives the cabin a wide-body feel.” Transat secures $700 million in funding from the Government of Canada Transat A.T. Inc. announced that it has reached an agreement with the Government of Canada to borrow up to $700 million in additional liquidity through the Large Employer Emergency Financing Facility (LEEFF). President and Chief Executive Officer Air Transat Jean-Marc Eustache said "The agreement reached with the Government of Canada provides us with an additional $700 million in liquidity, which is the amount we needed to move forward with confidence. Our strong balance sheet prior to the pandemic and the aggressive actions we have taken since have enabled us to weather this unprecedented crisis so far. With this support, we now look forward to resuming operations as soon as safe travel is possible and travel restrictions can be lifted. We will then be able to implement our plan to make Transat a solid and profitable company once again, one that will continue to symbolize leisure travel for its many customers in Quebec and elsewhere," Willis Lease Announces Offering of $336.7 Million in Fixed Rate Notes Willis Lease Finance Corporation announced that its wholly-owned subsidiary, Willis Engine Structured Trust VI (“WEST”), proposes to offer $336.7 million in aggregate principal amount of fixed rate notes. It is expected that the Notes will be issued in three series, with the Series A Notes to be issued in an aggregate principal amount of approximately $278.6 million, the Series B Notes in an aggregate principal amount of approximately $38.7 million and the Series C Notes in an aggregate principal amount of approximately $19.4 million. The Notes will be secured by, among other things, WEST’s direct and indirect interests in a portfolio of 29 aircraft engines and one airframe, which WEST will acquire from Willis pursuant to an asset purchase agreement. The net proceeds of the Notes will be primarily applied to (i) pay fees and expenses related to the issuance of the Notes and (ii) pay Willis periodically over a 270-day delivery period as consideration for the aircraft engines and the airframe acquired by WEST from Willis in connection with the financing. Willis will apply any net proceeds it receives for general corporate purposes. Acumen Aviation © 4 May All Rights Reserved.