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Atlas Air Worldwide Holdings Closes PDP Financing for New State-of-the-Art Boeing 747-8 Freighters

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Atlas Air Worldwide Holdings Closes PDP Financing for New State-of-the-Art Boeing 747-8 Freighters

Purchase, Ny, Monday, May 3, 2010 --   Atlas Air Worldwide Holdings, Inc. (AAWW) (Nasdaq: AAWW), a leading provider of global air cargo assets and outsourced aircraft operating solutions, today announced the closing on a revolving credit facility in connection with pre-delivery deposit payments (PDPs) on the final nine of 12 next-generation Boeing 747-8 wide-body freighters scheduled for delivery to the Company between early 2011 and 2013.

The 2010 facility complements an initial PDP facility entered into in February 2008 that provides pre-delivery payment financing for the first three aircraft in the Company's firm order.

The 2010 facility is structured as a revolving credit facility under which AAWW may draw up to $283 million in total, with a maximum of $125.6 million outstanding at any one time. The facility is comprised of nine separate tranches, each corresponding to one of the nine aircraft. Principal amounts outstanding under the PDP facility are to be repaid in tranches upon delivery of each aircraft to the Company.

The 747-8 Freighter is expected to be the largest and most-efficient heavy freighter in the market, providing the lowest ton-mile cost of any freighter alternative. The 12 freighter aircraft, along with options and rights to acquire up to an additional 14, anchor a fleet strategy that focuses on the Company's customers and reinforces AAWW's position as the most-advanced, most-efficient, and most-reliable provider of leased freighter aircraft and outsourced aircraft operating services and solutions to the global aviation industry.

“We are very pleased to secure the PDP financing for the remainder of our 747-8 deliveries,” said Jason Grant, AAWW's Senior Vice President and Chief Financial Officer. “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. The financing also reflects the strong working relationship we have with our lender group.”

He added: “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 first-mover advantage as the only outsource provider with 747-8s on order. Furthermore, our strong operating performance, balance sheet and credit quality, and prospects for growth - combined with our premier international customer list and our long-term contractual relationships - leverage the attractiveness of the asset.”

Norddeutsche Landesbank Girozentrale (Nord/LB) and DekaBank Deutsche Girozentrale, leading aircraft financiers, underwrote the 2010 PDP facility. SkyWorks Capital, LLC acted as advisor to the Company.

About Atlas Air Worldwide Holdings, Inc.:

AAWW is the parent company of Atlas Air, Inc. (Atlas) and Titan Aviation Leasing (Titan), and is the majority shareholder of Polar Air Cargo Worldwide, Inc. (Polar). Through Atlas and Polar, AAWW operates the world's largest fleet of Boeing 747 freighter aircraft.

Atlas, Titan and Polar offer a range of air cargo and aircraft operating solutions that include ACMI aircraft leasing - in which customers receive a dedicated aircraft, crew, maintenance and insurance on a long-term lease basis; CMI service, for customers that provide their own aircraft; express network and scheduled air cargo service; military charters; commercial cargo 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,

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 24, 2010, 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.

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Dan Loh