Air Transport Services ups revolver to $225 million, extends maturity

By Sara Rosenberg

New York, July 24 - Air Transport Services Group Inc. increased its revolving credit facility to $225 million from $175 million and extended the maturity to July 2017 from May 2016, according to an 8-K filed with the Securities and Exchange Commission on Tuesday.

The company also extended its term loan expiration date to July 2017 from May 2016.

The company used its $50 million accordion feature for the revolver upsizing, but the feature was reset through the amendment.

SunTrust Robinson Humphrey Inc. is the administrative agent on the deal.

The amendment was completed on July 20.

"We continue to finance the expansion of our attractive freighter aircraft fleet with a combination of our operating cash flow and borrowed funds," said Quint Turner, chief financial officer, in a news release.

"The expanded facility will maintain our flexibility to continue that growth if and when we can acquire and modify mid-sized aircraft under terms that allow us to achieve our return-on-capital targets. The lending institutions participating in our credit facility remain supportive of our strategy, resulting again in an oversubscription of offered commitments," Turner added.

As of July 20, the revolver had $131 million outstanding.

Air Transport is a Wilmington, Ohio-based provider of aircraft leasing and air cargo transportation and related services.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.