STAMFORD, Conn., Feb. 25, 2014 /PRNewswire/ -- Aircastle Limited ("Aircastle") (NYSE: AYR) announced that it reached an agreement with LATAM Airlines Group S.A. ("LATAM") to enter into purchase and leaseback transactions involving eight Boeing 777-300ER aircraft.
The first group of four aircraft, which were manufactured in 2012, is expected to close early in the second quarter of 2014 with an average lease term of 60 months. The second group of aircraft, which were manufactured in 2008, is expected to be purchased by Aircastle once the existing financings are repaid and will be leased back to LATAM with lease terms expiring in 2017 and 2018.
Ron Wainshal, Aircastle's CEO, commented: "LATAM is one of the world's premier airline groups and we are very happy to have concluded this important transaction. In doing so, we are assisting LATAM by providing a complete solution for its Boeing 777-300ER fleet transition program while acquiring very attractive, well priced assets that we will be able to remarket before newer generation aircraft are available. This transaction plays to Aircastle's balance sheet strengths and its experience as a skilled aircraft manager."
The closing of these transactions is subject to conditions precedent customary for transactions of this type.
About Aircastle Limited
Aircastle Limited acquires, leases and sells commercial jet aircraft to airlines throughout the world. As of December 31, 2013, Aircastle's aircraft portfolio consisted of 162 aircraft on lease with 64 customers located in 37 countries.
About LATAM Airlines Group S.A.
LATAM Airlines Group S.A. is the new name given to LAN Airlines S.A. as a result of its association with TAM S.A. LATAM Airlines Group S.A. now includes LAN Airlines and its affiliates in Peru, Argentina, Colombia and Ecuador, and LAN Cargo and its affiliates, as well as TAM S.A. and its subsidiaries TAM Linhas Aereas S.A., including its business units TAM Transportes Aereos del Mercosur S.A. (TAM Airlines (Paraguay)) and Multiplus S.A. This association creates one of the largest airline groups in the world in terms of network connections, providing passenger transport services to about 135 destinations in 22 countries and cargo services to about 144 destinations in 27 countries, with a fleet of 322 aircraft. In total, LATAM Airlines Group S.A. has more than 52,000 employees and its shares are traded in Santiago, as well as on the New York Stock Exchange, in the form of ADRs, and Sao Paulo Stock Exchange, in the form of BDRs.
Each airline will continue to operate under their current brands and identities. For any inquiry of LAN or TAM, please visit www.lan.com or www.tam.com.br, respectively. Further information at www.latamairlinesgroup.net.
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