(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
Suite 400 | ||
(Address of principal executive offices) | (Zip Code) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
99.1 | Press Release dated August 3, 2020 which is being furnished hereto pursuant to Item 2.02. |
AIRCASTLE LIMITED (Registrant) |
/s/ Aaron Dahlke |
Aaron Dahlke |
Chief Financial Officer |
Exhibit Number | Description |
99.1 |
• | Total revenues were $255.5 million, up 14.3% |
• | Total lease rental and direct financing and sales-type lease revenues were $176.9 million, down 12.0% |
• | Net loss of $(191.0) million was due to net non-cash aircraft impairment charges of $(197.9) million |
• | Adjusted EBITDA(1) was $244.8 million, up 16.1% |
• | Fitch Ratings affirmed Aircastle’s senior unsecured debt rating at BBB; Rating Outlook is Stable |
• | Successfully executed a $150 million revolving credit facility with Mizuho Bank Ltd |
• | Repaid $300 million of senior unsecured 7.625% coupon debt in April |
• | As of July 31, had approximately $1.5 billion of liquidity and $5.7 billion of unencumbered aircraft |
• | No new aircraft purchase commitments until 2021 |
• | Agreements in place to sell 21 narrow-bodies as they come off lease |
• | Approved rent deferral arrangements with 40 airlines for approximately $99 million including $61 million that appeared in our Consolidated Balance Sheet |
• | As of August 1, 2020, total liquidity of $1.5 billion includes unrestricted cash of $371 million, $600 million of undrawn credit facilities, $117 million of contracted asset sales and $419 million of projected operating cash flows through August 1, 2021 |
• | Unencumbered flight equipment with a net book value of $5.7 billion |
• | $717 million of total adjusted contractual commitments through August 1, 2021; includes $500 million of notes due in March 2021 |
Owned Aircraft | As of June 30, 2020(1) | As of June 30, 2019(1) | |||||
Net Book Value of Flight Equipment ($ mils.) | $ | 7,186 | $ | 7,842 | |||
Net Book Value of Unencumbered Flight Equipment ($ mils.) | $ | 5,687 | $ | 5,957 | |||
Number of Aircraft | 274 | 268 | |||||
Number of Unencumbered Aircraft | 238 | 226 | |||||
Number of Lessees | 80 | 89 | |||||
Number of Countries | 44 | 47 | |||||
Weighted Average Fleet Age (years)(2) | 10.3 | 9.5 | |||||
Weighted Average Remaining Lease Term (years)(2) | 4.3 | 4.6 | |||||
Weighted Average Fleet Utilization for the quarter ended(3) | 95.1 | % | 94.0 | % | |||
Managed Aircraft on behalf of Joint Ventures | |||||||
Net Book Value of Flight Equipment ($ mils.) | $ | 321 | $ | 678 | |||
Number of Aircraft | 9 | 15 |
(1) | Calculated using net book value of flight equipment held for lease and net investment in leases at period end. |
(2) | Weighted by net book value. |
(3) | Aircraft on-lease days as a percent of total days in period weighted by net book value. The decrease from our historical utilization rate was primarily due to the early termination of leases. |
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