Aircastle Limited (NYSE: AYR) has reported the recent completion of several important financing, asset sales and investment initiatives that are expected to improve company earnings profile, the company said.
Key updates included closing or committing to more than USD850 million in new investments for 2016. These transactions encompass 29 aircraft, of which 26 are narrow-bodies. Nearly all of these purchases are expected to close by the end of the third quarter.
The company recently secured USD695 million in new unsecured financing from three different sources. This funding consists of USD500 million in senior notes due 2023, a three-year USD120 million term financing facility obtained from a group of Japanese financial institutions led by Development Bank of Japan, and a USD75 million expansion of revolving credit facility to USD675 million.
Aircastle Limited acquires, leases and sells commercial jet aircraft to airlines throughout the world. As of March 31, 2016, Aircastle owned and managed on behalf of its joint ventures 162 aircraft on lease with 54 customers located in 33 countries.