Atlas closes on loan for pre-delivery 747-8 payments

Washington DC
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Atlas Air Worldwide Holdings says it has closed on a revolving credit facility to support pre-delivery deposits on the final nine of 12 Boeing 747-8Fs scheduled for delivery between early 2011 and 2013.

Originally, Atlas was due to start taking delivery of its 747-8Fs in 2010.

The company says the latest facility complements an initial pre-delivery deposit facility it concluded in February 2008 to support financing for the first three aircraft in the order.

In the latest facility, Atlas may draw up to $283 million in total, with maximum $125.6 million outstanding at any one time. The agreement is structured with nine different tranches, each corresponding to one of the nine aircraft supported by the facility.

Norddeutsche Landesbank Girozentrale (Nord/LB) and DekaBank Deutsche Girozentrale, leading aircraft financiers, underwrote the 2010 PDP facility. SkyWorks Capital, LLC acted as advisor to the Atlas.

Boeing has decided to shift control of the 747-400 "Dreamlifter" operations to Atlas from Evergreen International Airlines starting in September of this year. The -400s transport oversized structural components and tooling from Asia, Europe and the USA to final assembly sites.