AVATION PLC (the 'Company') Obtains sen...
February 17, 2014
AVATION PLC
(the 'Company')
Obtains senior secured revolving warehouse facility
Avation PLC (LSE: AVAP), the commercial passenger aircraft leasing company, announces that it has been
successful in obtaining a further finance facility to support future aircraft acquisitions. The facility
has been designed to support the ad-hoc purchase of an aircraft when suitable opportunities present
themselves
Salient key features of the warehouse facility are:
- The facility has been provided by a major European Bank and is a facility to provide a full
recourse, senior secured, revolving warehouse facility to provide partial short term funding for the
purchase of particular aircraft (the "Facility");
- The Facility is a revolving facility which allows drawings and then re-drawings over a three year
period;
- The Facility will typically be used for one aircraft at a time;
- Drawings used to acquire aircraft have a two year repayment term;
- The Facility interest margin is priced at usual commercial terms;
- The Facility can be drawn to $20m in any instance;
- Drawings may be applied up to 75% of the agreed value of the aircraft purchased. This percentage
is adjusted depending upon age of aircraft and ranking of airline leasing the aircraft purchased;
- The Facility is secured by the aircraft purchased;
- The typical aircraft for use of proceeds include:
o ERJ 190-95;
o ATR 500 and 600;
o Boeing 737-700 and 737-800 NG and max;
o Airbus A319, A320 and A321 CEO and NEO;
o Airbus A330;
o Bombardier Q400; and
o Boeing 777.
Jeff Chatfield, Executive Chairman, said: "We are continually seeking to acquire aircraft and assessing
aircraft leased to commercial airlines. The warehouse facility is a pre-approved finance line thus enabling
the purchase of a target aircraft within a short timeframe. Once acquired the aircraft can then be re-
financed in the more traditional manner. This process will assist Avation to quickly secure the aircraft on
a case by case basis in order to produce optimal long term returns to its shareholders."
-ENDS-
More information on Avation PLC can be seen at: www.avation.net
Enquiries:
Avation PLC
Jeff Chatfield, Executive Chairman +65 973514151
W H Ireland
Harry Ansell / James Joyce +44 20 7220 1666
Liberum Capital Limited
Chris Bowman / Richard Bootle +44 203 100 2222
Blythe Weigh Communications
Tim Blythe / Eleanor Parry +44 207 138 3204
Avation plc
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