Atlas Air Worldwide Holdings (AAWW) has closed a $283 million revolving credit facility relating to pre-delivery deposit payments (PDPs) on the final nine of 12 B747-8 freighters scheduled for delivery between early 2011 and 2013.
The new freighter is expected to be the most efficient in the market, offering the lowest cost per tonne-mile. Atlas has options on a further 14 of the aircraft.
Jason Grant, senior VP and chief financial officer for Atlas, said: “Although PDP financing has generally not been available in the marketplace, the aviation finance community has been quite receptive to both the company and the 747-8 asset. In addition to the inherent economic and operating advantages expected of the 747-8s, the aircraft finance community also recognizes the relative scarcity value the aircraft will have when they enter operation and our advantage as the only outsource provider with 747-8s on order.”
AAWW is the parent company of Atlas Air and Titan Aviation Leasing, and is the majority shareholder of Polar Air Cargo Worldwide. Through Atlas and Polar, AAWW operates the world’s largest......
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