Intrepid eyes A330 refinancings | News | Airfinance Journal

Intrepid eyes A330 refinancings

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US-based Intrepid Aviation is exploring different funding structures to refinance a number of Airbus A330-300 aircraft, which are scheduled for long-term leases with Turkish Airlines (THY) in the fourth quarter of this year and early 2017.

The refinancing exercise, initiated earlier this year, aims at securing funding for up to five units, confirms the lessor’s chief executive officer Olaf Sachau.

The aircraft are part of seven A330s that were placed with Japanese carrier Skymark Airlines, which filed for bankruptcy protection in January 2015. Only four units were ever delivered to the carrier and the remaining three units entered storage after delivering new from Airbus.

Sachau reveals that one aircraft was funded by the lessor’s cash and therefore is unencumbered. Another two, which have long-term debt financing in place, have recently been restructured with PK Airfinance and Cathay United Bank, as the lessor, secured the leases to Turkish Airlines.

"Given the strong demand for the Turkish credit, we have three funding options in the balance," Sachau says.

The lessor could tap commercial debt market funding, which has been essential to its growth over the past few years. In addition, Intrepid is also considering a capital markets structure for up to five aircraft. Another option could be a hybrid deal that would take out a bridge facility loans that Intrepid entered into following the Skymark insolvency.  

"We are still in the process of finalising our thoughts but feel very good about our options," says Sachau. "We do like the idea of tapping different markets and structures and continuing to diversify our capital sources."

He says banking appetite and capacity continues to be solid overall, even though banks seem “more credit-risk focused than a year ago”.

Intrepid agreed to place the seven A330s with THY in February. The leases have an eight-year term and includes some flexibility after six years.

The units, which will have a new, dual-class cabin interior, will start conversion in November at the SR Technics’ facilities in Zurich. The actual configuration work is scheduled to take four weeks to complete from implementation of the aircraft. First re-delivery is scheduled for December while the remaining units will follow in January and February 2017, according to Sachau.

To see all of Intrepid’s recent and historic deals visit Airfinance Journal’s Deals Database.

Olivier.bonnassies@euromoneyplc.com

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Transaction Snapshot
Air Company | Bond issue | 01-24 | $1.5bn
Financial Close:
11/02/2024
SPV:
Some Aviation Trust
Value:
$1,500.00m USD
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