Supply Chain News / Air Cargo

Atlas Air Worldwide Takes Delivery of Fifth Freighter

August 15, 2012
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Atlas Air Worldwide Holdings Inc., a provider of outsourced aircraft and aviation operating services, announced its Atlas Air, Inc. unit has taken delivery of a fifth Boeing 747-8 freighter. It is the second aircraft of the type to be placed into service for Panalpina under a previously announced multiyear aircraft, crew, maintenance and insurance (ACMI)
outsourcing contract.
The newest freighter will offer Panalpina, a Swiss-based global freight forwarding and logistics services provider, additional next-generation performance in payload, fuel efficiency, total cost per ton-mile, and environmental compliance.
“With two 747-8 freighters now in service, Panalpina can further take advantage of increased capacity and revenue-generating capability while improving fuel efficiency and the ability to offer its customers a unique and highly flexible solution for time-definite airfreight,” said William J. Flynn, president and CEO.
Atlas Air expects to receive two additional 747-8Fs in 2012 and two in the first half of 2013 for a total of nine. As previously announced, Atlas has received a commitment from Apple Bank for Savings to finance the remaining deliveries, subject to customary conditions.
The acquisition of this latest 747-8F was financed in part with proceeds from a term loan and was subsequently refinanced by the issuance of $142.7 million of 12-year, secured bonds. These bonds, which are guaranteed by the Export-Import Bank of the United States, have been priced at 1.73% and are scheduled to close on July 31, 2012. BNP Paribas and KGS Alpha Capital Markets are acting as joint lead bookrunners.
 

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