US lessor Guggenheim Aviation Partners has agreed the sale of a pair of Boeing 767-300ER freighters to Cargo Aircraft Management in a $49.9 million transaction.
Cargo Aircraft Management’s parent Air Transport Service Group (ATSG) has disclosed the transaction, adding that it has an option to purchase one additional 767-300 freighter from Guggenheim in 2015.
Both aircraft are currently under multi-year operating leases from Guggenheim to ATSG’s airline subsidiary ABX Air.
Flightglobal Ascend Fleets database shows that the first unit, a 1989-vintage aircraft, has its current lease through January 2015.
The second 767-300ER freighter is a 1991-vintage aircraft leased through March 2017.
ABX Air operates six 767-300ER freighters along with 27 767-200 freighters.
“Purchasing these aircraft under favourable terms will save a total of $12.4 million in lease payments through 2017, in exchange for lower carrying costs under the attractive terms of our recently amended credit agreement,” says ATSG president and chief executive Joe Hete. “This is a more efficient financing of aircraft we already operate and expect to continue to deploy with customers for years to come.”
ATSG will use the proceeds from its recently amended senior credit agreement for the financing of the 767-300ER freighters.
The facility was extended to May 2019 and provides for an accordion feature whereby the company can draw up to an additional $50 million.
The senior credit agreement is collateralised by certain Boeing 767s and 757s which are not collateralised under the aircraft loans.
The transaction is expected to close at the end of the third quarter.