Atlas Air Worldwide to issue redemption notices on equipment notes

By Tali Rackner

Norfolk, Va., May 27 – Atlas Air Worldwide Holdings, Inc. intends to issue redemption notices with respect to certain equipment notes funded by enhanced equipment trust certificates related to five Boeing 747-400 freighter aircraft, according to a press release.

If completed, the proposed refinancing would reduce the company's cost of debt, allow for greater flexibility in capital structure; enhance Atlas Air’s cash position, have a positive effect on current and future net income and earnings per share and remove certain covenants, the company said.

The refinancing would have no meaningful effect on the company's net leverage, the release noted.

Atlas Air is a Purchase, N.Y., provider of air cargo and related services worldwide.

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