Atlas Air gets new $60 million revolver

By Sara Rosenberg

New York, Dec. 6 - Atlas Air Worldwide Holdings Inc. closed on a new $60 million four-year revolving credit facility, according to an 8-K filed with the Securities and Exchange Commission Monday.

Congress Financial Corp. and Wachovia Bank were the lead banks on the deal.

The revolver, which closed on Nov. 30, carries an interest rate that can range from Libor plus 175 basis points to Libor plus 275 basis points, depending on excess availability.

Security is all assets, except for real property, aircraft, flight simulators, spare aircraft engines and related assets that are subject to security interests of other creditors and some or all of the capital stock of certain subsidiaries.

The company also amended its $40.6 million term loan and its $158.2 million term loan - both with Deutsche Bank - to allow for the revolver and to increase capital expenditure limitations and amended its $3.4 million term loan with HypoVereinsbank Luxembourg SA to allow for the revolver, the filing said.

Atlas Air is a Purchase, N.Y.-based provider of aircraft, crew, maintenance and insurance freighter aircraft to major airlines.

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