Intrepid Aviation Group secured a $77.5 million secured term loan from DVB Bank and CTBC Bank to finance the purchase of one Airbus A330-300 aircraft, which is scheduled for delivery in November 2015.
DVB Bank is the senior lender and facility agent of tranche A-1 while CTBC Bank acts as tranche A-2 senior lender. Wells Fargo Bank Northwest, National Association acts as security trustee in the transaction.
In the latest S1 form, Intrepid says the tranche A-1 senior loan is in the principal amount of $38.75 million with principal and interest payable quarterly at an annual rate of the applicable margin plus three-month LIBOR, synthetically fixed using an interest rate swap, for a period of 144 months ending with a $15 million balloon payment.
The tranche A-2 senior loan is in principal amount of $38.75 million with principal and interest payable quarterly at an annual rate of the applicable margin plus three-month LIBOR, synthetically fixed using an interest rate swap, for a period of 144 months with no balloon payment.
The A330-300, MSN 1684, will be placed on lease to Eva Airways upon delivery. The lease term is 144 months.