Establishes Relationship with New Financing Partner
|Atlas Air Worldwide Closes Loan Facility with CIT Aerospace
Establishes Relationship with New Financing Partner
Wednesday, April 04, 2012 -- Atlas Air Worldwide Holdings, Inc. (Nasdaq: AAWW), a leading global provider of outsourced aircraft and aviation operating solutions, today announced the closing of a $35.7 million, five-year term loan facility with CIT Aerospace that establishes a relationship with a new financing partner and highlights the continuing growth of the company's innovative, outsourced-aviation business platform.
Financing was provided by CIT Bank, a wholly owned subsidiary of CIT Group Inc. Proceeds from the loan facility, which closed on March 30, are secured by and have been used to back leverage two Boeing 747-400 and two Boeing 767-300ER passenger aircraft acquired by the company's Atlas Air, Inc. unit in 2011.
Atlas Air acquired the aircraft in support of strategic initiatives to develop and implement a comprehensive new passenger charter solution serving the U.S. military and commercial charter customers and to expand the company's business into an attractive gauge of aircraft, the Boeing 767.
“We are very pleased to have CIT as a new financing partner and to have arranged attractive financing terms for these assets,” said William J. Flynn, President and Chief Executive Officer of Atlas Air Worldwide. “CIT is a leader in aviation finance, and we look forward to working with them as we continue to execute on our growth strategies and drive our revenues and earnings to higher sustained levels.”
About Atlas Air Worldwide:
Atlas Air Worldwide (AAWW) is the parent company of Atlas Air, Inc. (Atlas Air) 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 Air and Polar, AAWW operates the world's largest fleet of Boeing 747 freighter aircraft.
Atlas Air, Titan and Polar offer a range of outsourced aircraft and aviation operating services 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.
AAWW's press releases, SEC filings and other information may be accessed through the Company's home page, www.atlasair.com.
This release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that reflect AAWW's current views with respect to certain current and future events and financial performance. Such forward-looking statements are and will be, as the case may be, subject to many risks, uncertainties and factors relating to the operations and business environments of AAWW and its subsidiaries (collectively, the “companies”) that may cause the actual results of the companies to be materially different from any future results, express or implied, in such forward-looking statements.
Factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to, the following: the ability of the companies to operate pursuant to the terms of their financing facilities; the ability of the companies to obtain and maintain normal terms with vendors and service providers; the companies' ability to maintain contracts that are critical to their operations; the ability of the companies to fund and execute their business plan; the ability of the companies to attract, motivate and/or retain key executives and associates; the ability of the companies to attract and retain customers; the continued availability of our wide-body aircraft; demand for cargo services in the markets in which the companies operate; economic conditions; the effects of any hostilities or act of war (in the Middle East or elsewhere) or any terrorist attack; labor costs and relations; financing costs; the cost and availability of war risk insurance; our ability to maintain adequate internal controls over financial reporting; aviation fuel costs; security-related costs; competitive pressures on pricing (especially from lower-cost competitors); volatility in the international currency markets; weather conditions; government legislation and regulation; consumer perceptions of the companies' products and services; pending and future litigation; and other risks and uncertainties set forth from time to time in AAWW's reports to the United States Securities and Exchange Commission.
For additional information, we refer you to the risk factors set forth under the heading “Risk Factors” in the Annual Report on Form 10-K filed by AAWW with the Securities and Exchange Commission (SEC) on February 15, 2012, as amended or updated by subsequent reports filed with the SEC. Other factors and assumptions not identified above may also affect the forward-looking statements, and these other factors and assumptions may also cause actual results to differ materially from those discussed.
AAWW assumes no obligation to update such statements contained in this release to reflect actual results, changes in assumptions or changes in other factors affecting such estimates other than as required by law.