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Aircastle lifts revolver to $1.9 billion with $130 million expansion
By Devika Patel
Knoxville, Tenn., Oct. 11 – Aircastle Ltd. expanded its revolving credit facilities by $130 million, resulting in total available capacity of $1.9 billion, last quarter.
In July, the company issued $650 million of 6˝% senior notes and, in September, Aircastle also repaid $650 million of senior notes at maturity.
“We issued $650 million senior unsecured notes at a coupon of 6˝%,” chief financial officer Roy Chandran said on the company’s second quarter ended Aug. 31 earnings conference call on Wednesday.
“We also expanded our revolving credit facilities by $130 million, resulting in total capacity of $1.9 billion as of Aug. 31,” he said.
The company reported total revenues of $168 million and net income of $6 million for the second quarter.
Adjusted EBITDA for the quarter was $152 million.
Total liquidity as of Oct. 6 was $2.8 billion.
Aircastle finished the second quarter with a net debt to equity ratio of 2.3x and unrestricted cash of $726 million.
Total debt was $4.9 billion as of Aug. 31, of which 81% was unsecured.
As of Aug. 31, the weighted average interest rate on the company’s debt was 4.79%, an uptick of 10 basis points from the first quarter.
Stamford, Conn.-based Aircastle acquires, leases and sells commercial jet aircraft to airlines.
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