ASL Aviation has closed a new credit facility arranged by Goldman Sachs.
The agreement will make $155 million available to ASL over a 15-month period and is an enhanced secured term loan.
Goldman Sachs served as sole lead arranger and placement agent, with Clifford Chance serving as legal counsel to ASL and Milbank doing likewise for the lenders.
"The agreement builds on ASL’s relationship with Goldman Sachs following the announcement of an initial facility of $125 million in April 2021 and an increase of that facility to $200 million in July 2022," ASL said in a statement, adding that it will use the money to continue a fleet renewal programme which has so far seen it agree 40 conversion slots with Boeing for the B737-800 converted freighter, for which ASL is the largest operator through its airlines and 16 aircraft n Ireland, France and Belgium,
“With the aviation industry recovering from the financial turmoil caused by the pandemic, this agreement reflects the underlying strength of ASL Aviation Holdings,” said chief financial officer, Mark O’Kelly.
“This facility will be utilised solely for our continuing BCF (Boeing freighter conversion) programme, and the indicative rate achieved demonstrates the strong confidence in the market for our fleet renewal plans and our expansion strategy,” he said.
“We are delighted with the support shown for our market plans and positioning by Goldman Sachs, a highly respected financial institution,” said O’Kelly. "Their belief and support for ASL’s development and positioning as a global market leader is heartening and an indication that we are on the right track as we develop our fleet to meet customer needs, while also significantly reducing our carbon emission footprint."
This week ASL Aviation also announced the acquisition of Australian airline Pionair.
https://www.aviationnews-online.com/finance/asl-aviation-holdings-acquires-pionair-to-be-re-branded-as-asl-airlines-australia/