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8-K - FORM 8-K - Aircastle LTD | y05264e8vk.htm |
Exhibit 99.1
Contacts: |
FOR IMMEDIATE RELEASE |
Aircastle Limited:
Michael Inglese Chief Financial Officer
Tel: +1-203-504-1063
or
The IGB Group
Leon Berman
Tel: +1-212-477-8438
lberman@igbir.com
Michael Inglese Chief Financial Officer
Tel: +1-203-504-1063
or
The IGB Group
Leon Berman
Tel: +1-212-477-8438
lberman@igbir.com
Southern Air:
Sofia Mata-Leclerc / Mark Semer
Kekst and Company
Tel: + 212-521-4800
Sofia Mata-Leclerc / Mark Semer
Kekst and Company
Tel: + 212-521-4800
Aircastle and Southern Air Announce 747-400SF Freighter Leases
Aircastle provides two aircraft to support Southern Airs fleet renewal and business expansion
Stamford and Norwalk, Connecticut, October 18, 2011 Aircastle Limited (NYSE:AYR) and Southern
Air Holdings, Inc. today announced that they have entered into long-term leases under which
Southern Air will utilize two 747-400SF aircraft owned by Aircastle. The aircraft are expected to
enter commercial service during the first quarter of 2012, advancing Southern Airs fleet renewal
and business expansion program.
Ron Wainshal, Chief Executive Officer of Aircastle, commented, We are delighted to add Southern
Air as a new customer and are very pleased to provide them with their first 747-400SF freighter
capacity, assisting them in expanding their fleet to meet the needs of their global customers.
Converting these aircraft into freighters and then leasing them demonstrates our teams unique
value additive investment and asset management capabilities.
Daniel McHugh, Chief Executive Officer of Southern Air, said, The Aircastle 747-400SF agreement
marks another important step in Southern Airs transformation. Southern now offers the most
complete range of high-quality wide body ACMI/CMI capabilities with our fleet of 777s, 747-400s and
747-200s. We look forward to further developing our relationship with Aircastle as we continue to
renew and expand our global widebody fleet.
About Aircastle Limited
Aircastle Limited is a global company that acquires, leases and sells high-utility commercial jet
aircraft to airlines throughout the world. As of June 30, 2011 Aircastles aircraft
portfolio consisted of 136 aircraft and had 59 lessees located in 32 countries.
About Southern Air
Southern Air was founded in 1947 as a high-quality global cargo carrier specializing in the
provision of block space and aircraft, crew, maintenance, and insurance (ACMI) services. Southern
Airs blue-chip customer base includes some of the worlds largest combination cargo carriers and
government agencies. Southern Air currently operates a fleet of 10 Boeing 747-200s and will be
adding four 747-400s to the fleet by Q1 2012. Southern Air is the first ACMI operator in the world
to operate the new Boeing 777 Freighter and currently operates two such aircraft, with an
additional two aircraft slated for delivery in March-April 2012. Southern Air is a portfolio
company of Oak Hill Capital Partners, a private equity firm with considerable expertise in aircraft
leasing, financing and manufacturing.
Safe Harbor
Certain items in this press release and other information we provide from time to time, may
constitute forward-looking statements within the meaning of the Private Securities Litigation
Reform Act of 1995 including, but not necessarily limited to, statements relating to our ability to
acquire, sell, lease or finance aircraft, raise capital, pay dividends, and increase revenues,
earnings, EBITDA, Adjusted Net Income and Adjusted Net Income plus Depreciation and Amortization
and the global aviation industry and aircraft leasing sector. Words such as anticipates,
expects, intends, plans, projects, believes, may, will, would, could, should,
seeks, estimates and variations on these words and similar expressions are intended to identify
such forward-looking statements. These statements are based on managements current expectations
and beliefs and are subject to a number of factors that could lead to actual results materially
different from those described in the forward-looking statements; Aircastle Limited can give no
assurance that its expectations will be attained. Accordingly, you should not place undue reliance
on any forward-looking statements contained in this press release. Factors that could have a
material adverse effect on our operations and future prospects or that could cause actual results
to differ materially from Aircastle Limiteds expectations include, but are not limited to,
significant capital markets disruption and volatility, which may adversely affect our continued
ability to obtain additional capital to finance our working capital needs; volatility in the value
of our aircraft or in appraisals thereof, which may, among other things, result in increased
principal payments under our term financings and reduce our cash flow available for investment or
dividends; general economic conditions and business conditions affecting demand for aircraft and
lease rates; our continued ability to obtain favorable tax treatment in Bermuda, Ireland and other
jurisdictions; our ability to pay dividends; high or volatile fuel prices, lack of access to
capital, reduced load factors and/or reduced yields, operational disruptions or unavailability of
capital caused by political unrest in North Africa, the Middle East or elsewhere, and other factors
affecting the creditworthiness of our airline customers and their ability to continue to perform
their obligations under our leases; termination
payments on our interest rate hedges; and other risks detailed from time to time in Aircastle
Limiteds filings with the SEC, including Risk Factors as previously disclosed in Aircastles
2010 Annual Report on Form 10-K, and in our other filings with the SEC, press releases and other
communications. In addition, new risks and uncertainties emerge from time to time, and it is not
possible for Aircastle to predict or assess the impact of every factor that may cause its actual
results to differ from those contained in any forward-looking statements. Such forward-looking
statements speak only as of the date of this press release. Aircastle Limited expressly disclaims
any obligation to release publicly any updates or revisions to any forward-looking statements
contained herein to reflect any change in its expectations with regard thereto or change in events,
conditions or circumstances on which any statement is based.